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General Fund Budgetary Highlights <br />s not amended during the year. Revenues had a positive budget variance of $421,788 <br />and expenditures had a over budget variance of $5,872. Overall the General fund had a net positive budget variance of <br />$445,116 after transfers. <br />Some of the significant variances can be briefly summarized as follows: <br />Licenses and permitting revenues came in $120,135 over budget. <br /> <br />Miscellaneous revenues were over budget by $142,634 due to more than expected refunds and reimbursements. <br /> <br />General government expenditures were under budget by $33,707 and public works expenditures were also under <br />budget by $32,263. <br />Capital Asset and Debt Administration <br />Capital Assets. -type activities as of <br />December 31, 2021, amounts to $16,096,569 (net of accumulated depreciation). This investment in capital assets <br />includes land, structures, improvements, machinery and equipment, park facilities, roads, highways and bridges. <br />B starting on page 55 of this report. <br />City of CentervilleCapital Assets <br />(Net of Depreciation) <br /> <br /> <br /> <br />Street Maintenance Program. Beginning in 2012 the City began annually accumulating funds for a street maintenance <br />program that will consist of mill and overlay to each segment of street in the city, at approximately every twelve-year <br />intervals. The initial construction program began in 2014 to be paid from funds accumulated in a revolving improvement <br />account. A minimal special assessment of around $500 per residential lot will cover approximately 20 percent of the cost, <br />which combined with the City levy contribution each year, should sustain the program. Each year going forward, a similar <br />project is anticipated. No project was done in 2021. Funds have been accumulated for the final full depth street <br />reconstruction project in town along with the installation of water service and storm water improvements. <br />Equipment Funding. In 2012, the City Council approved as part of the budget, a capital replacement program for <br />equipment and other assets that have predictable replacement cycles. All major street equipment, building roofs, carpets <br />andsimilar items will be funded through an equipment replacement fund that will be sustained by an annual levy. <br />Likewise, the enterprise funds have identified equipment and other assets that need periodic upgrading and replacement. <br />Sufficient retained earnings will be protected to allow these repairs/replacements to be completed without incurring debt. <br />24 <br /> <br />