Annual_Report_1983_001 - Laserfiche WebLink

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1 Tax Increment Districts The City Council took action on October 13, 1982 to form the City's first Development District and two Increment Financing Districts. The City will receive the first property tax incremental values from the districts in 1984. The City Council is responsible for administering the tax increment projects. Cash Management All temporary cash surpluses during the year are invested in various securities which State statutes permit. Investment yields ranged from 7.70% to 9 JS% during the year. The 1983 earnings were distributed to the following fund types General Special revenue Debt service Capital projects Special assessments Enterprise Internal Service The following is a history of earnings by year; Year 1979 1980 1981 1982 1983 General Fund $ 134,308 19,188 9,790 104,328 746,089 174,729 35,161 $1,223,593 Earnings $ 735,269 861,283 1,435,915 1,464,996 1,223,593 The General Fund accounts for all financial transactions not properly accounted for in any other fund, Revenues (including operating transfers) of the General Fund totaled $4,259,319, an increase of $356,022 from 1982. Expenditures (including operating transfers) for the General Fund totaled $3,857,966, an increase of $206,815 over the previous year. The fund balance increased by $401,353, and was $2,206,895 at the end of the year The fund balance is available to provide working capital for the fund until tax settlements are received in July and December of each year, to provide funds for unknown events which would have an adverse effect on the fund, and to help finance future budgets. The City Council has designated $200,000 of this balance for natural disasters, $1,435,000 for working capital, $45,000 for redevelopment and $170,407 for vacation pay and compensatory time off. �