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2013_1014_packet
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10/10/2013 12:38:05 PM
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General Fund Summary <br />The following table depicts the 2013 financial activity for the General Fund for the fiscal period ending <br />September 30, 2013 (unaudited). <br />Revenues <br />General property taxes <br />Intergovernmental revenue <br />Licenses & permits <br />Charges for services <br />Fine s and fo rfeits <br />Donations <br />Interest earnings <br />Miscellaneous <br />Total Revenues <br />Expenditures <br />General government <br />Public safety <br />Public works <br />Total Expenditures <br />2013 2013 % % <br />Bud�et Actual Actual Expect. Diff. <br />$10,258,611 $ 5,222,039 50.9% <br />874,000 334,902 38.3% <br />311,500 106,032 34.0% <br />985,000 787,656 80.0% <br />220,000 172,242 78.3% <br />- - 0.0% <br />82,826 - 0.0% <br />105,000 20,428 19.5% <br />$12,836,937 $ 6,643,299 51.8% <br />57.6% -6.7% <br />38.8% -0.5% <br />31.9% 2.1% <br />85.3% -5.3% <br />74.4% 3.9% <br />0.0% 0.0% <br />0.0% 0.0% <br />55.8% -36.3% <br />57.6% -5.8% <br />$ 2,086,384 $ 1,679,252 80.5% 68.1% 12.4% <br />8,207,141 5,687,836 69.3% 69.1% 02% <br />2,543,412 1,877,731 73.8% 68.3% 5.5% <br />$12,836,937 $ 9,244,819 72.0% 68.8% 3.3% <br />Comments: <br />Overall, General Fund revenues and expenditures were near expected levels. Property tax collections <br />were lower than expected due to tax petition refunds to a number of commercial properties. General <br />Government expenditures were higher than normal due to citywide storm damage cleanup costs. <br />The General Fund is currently in good financial condition with $6.1 million in available cash reserves <br />or 48% of the annual operating budget. The City's Cash Reserve Policy establishes a target reserve <br />level of 35-45% for this Fund. <br />It should be noted that $100,000 of these cash reserves have informally been earmarked for tree <br />removal associated with Emerald Ash Borer infestation. The General Fund is also a potential funding <br />source for the additional costs associated with the new Fire Station that were not included in the <br />original bond amount projection. Finally, the Council is reminded that a large portion of the 2012 <br />General Fund operating surplus is intended to be available for 2013 operations in conjunction with the <br />City's biennial approach. <br />Using the General Fund for these purposes, could drop the cash reserve level to 40% or less. <br />Page 3 of 13 <br />
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