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<br />7. Parks and Recreation <br />Money was budgeted for a park intern, but was never utilized. <br /> <br />8. Capital Outlay <br />Very little of the capital budget has been spent so far this year. As a result, <br />General Fund expenditures are below budget at this time. The amount of$38,000 <br />was used in December to pay for unbudgeted improvements to the water & sewer <br />systems at the Public Works building. <br /> <br />8. Transfers Out <br />The amount shown represents the debt-related transfers made earlier this year <br />(city hall lease payment, etc.), residual equity transfers approved by council to <br />close out obsolete funds, and transfers made to close out capital projects funds. <br />The capital projects revenues are being pursued by the city attorney. <br /> <br />Enterprise Funds <br /> <br />1. Water and Sewer <br />No budget was set for the year 2002 for the enterprise funds. The interest on <br />investments account in both funds reflects a negative amount due to the fact that <br />reversing (accounting) entries were made at the beginning of the year and the <br />interest income has not yet been allocated from the interest account. This will be <br />done in an adjusting entry before the final report. Similarly, depreciation entries <br />will be recorded at year-end. Both funds show income before operating transfers. <br />The operating transfers out consist mainly of the utility oversizing transfers made <br />to the capital projects funds. <br /> <br />Prepared By: <br /> <br />Approved By: <br /> <br />Finance Director <br /> <br />Administrato r <br /> <br />N arrative.doc <br />