2008 CAFR - Laserfiche WebLink

Metadata

Thumbnails

Annotations

Component Unit The City incorporates the Roseville Housing and Redevelopment Authority (HRA) as a component unit into its financial statements. The HRA accounts for the City's housing - related programs. In 2008, the HRA's net assets increased by $995,826 due to lower than expected housing loans being provided and a prior period adjustment to reflect proper recording of interest earned on prior period loan proceeds. Financial Analysis of the Government's funds Governmental funds. The focus of the City of Roseville's governmental funds is to provide information on near -term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City of Roseville's financing requirements. In particular, unreserved fund balance may serve as useful measure of a government's net resources available for spending at the end of the fiscal year. At the end of the current fiscal year, the City of Roseville's governmental funds reported combined ending fund balances of $34,706,186. Approximately 61% of this total amount ($21,057,567) constitutes unreserved fund balance. The remainder of the fund balance is reserved to indicate that it is not available for new spending because it has already been committed; 1) for law enforcement purposes ($404,952), and 2) for tax increment financing activities ($13,243,667). The Economic Increments Construction Fund accounts for the activities in the City's Tax Increment Financing (TIF) Districts. The Fund's balance increased by $2,504,655 resulting from the capture of excess tax increment above and beyond the amount needed to pay for City obligations. The entire fund balance of $13,243,667 is reserved for TIF- related activities. Proprietary funds. The City of Roseville's proprietary funds provide the same type of information found in the government -wide financial statements, but in more detail. The unrestricted net assets in the respective proprietary funds are Sewer - $3,769,443, Water - $160,085, Golf - $337,293, Recycling - $151,200 and Storm - $2,680,143. Due to timing differences in the user fees and capital improvements, increases (or decreases) in net assets can occur from year to year. General Fund Budgetary Highlights The General Fund balance decreased by $508,010 in 2008, largely due to the loss of $200,000 in state -aid and a decline in expected interest earnings. Budget amendments were made to reflect higher program- specific personnel costs that were offset by corresponding grant revenues and inter - agency revenues. 20