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<br />B <br />L1 <br />n <br />~ <br />o <br />; <br />,0: <br />I ' <br />, J <br /> <br />Ie <br />[ <br />D <br />,0 <br />C <br />18 <br />[J <br />LJ <br />~ <br />B <br />~ <br />16 <br />B <br /> <br /> <br /> <br />Fund balance should be maintained for the following reasons: <br /> <br />Purposes and Benefits <br /> <br />. Expenditures are incmred somewhat evenly throughout the year. HoWever, <br />are not received until the secOnd half of the year. An adequate :fund ba1an <br />finance the General :fund expenditures until these revenue sources are <br /> <br />· The City is vulnerable to legislative actions at the State and Fed <br />legislative session and imposed reductions, of market value <br />limits have also been implemented for municipalities in past <br />a temporary buffer against those aid adjustments and Ie <br /> <br />. A sttong fund ba1ance will assist the City in 0 <br />interest rates in future bond sales. <br /> <br />A summary of the 2006 operations is as follows: <br /> <br />2,200,500 <br />2,019,600 <br /> <br />180,900 <br /> <br />Other <br />Transfe <br />Transfers 0 <br /> <br />(180,900) <br />(180,900) <br /> <br />Fund balances, January 1 <br /> <br />1,549,356 <br /> <br />Fund balances. December 31 <br /> <br />$ 1,549.356 <br /> <br />952.835.9090 · Fax 952.835.3261 <br />www.aemcpas.com <br /> <br />Actual <br />Amounts <br /> <br />$ 2,241.937 $ <br />2,087,458 <br /> <br />154,479 <br /> <br /> 65.400 <br /> (205.900) <br /> (140.500) <br /> 13.979 <br /> 1.549,356 <br />$ 1,563,335 $ <br /> <br />City of Centervi11e <br />, May 3, 2007 <br />Page Six <br /> <br />Variance with <br />Final Budget <br />Positive <br />(Negative) <br /> <br />41.437 <br />(67.858) <br /> <br />(26,421) <br /> <br />65,400 <br />(25.000) <br /> <br />40,400 <br /> <br />13.979 <br /> <br />13,979 <br />