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controls. Znternal accounting controls are designed to provide <br />reasonable, but not absolute, assurance reaarding the <br />safeguarding of assets against loss from unauthorized use or <br />disposition and the reliability of financial records for <br />preparing financial statements and maintaining accountability for <br />assets. The concept of reasonable assurance recognizes the cost <br />of a control should not exceed the benefits likely to be derived, <br />and the evaluation of costs and benefits reguires estimates and <br />judgments by management. All internal control evaluations occur <br />within the above framework. We believe that the City's internal <br />accounting controls adequately safeguard assets and provide <br />reasonable assurance of proper recording of financiai <br />transactions. <br />A budgetary system of accounts is maintained for the general and <br />special revenue funds. Control is maintained by the use of a <br />purchase order system and the continuing review of actual <br />expenditures compared to budgeted amounts. Budget revisions are <br />made upon approval of a resolution by the City Council. The <br />financial statements of revenue and expenditures compared with <br />for enogmbranceslisrreport d as partcofttheefund balanceRatethe <br />end of the fiscal year. <br />General Government Functions <br />General Fund <br />The General Fund accounts for all financial transactions not <br />properly accounted for in any other fund. Revenues (including <br />operating transfers) of the General Fund totaled $5,438,595, an <br />increase of $63,220 from 1988. Expenditures (including operat- <br />ing transfers) for the General Fund totaled $5,339,040 a decrease <br />$99$555 and asr$3h30pr254 at heaendTof he yearlance increased <br />The fund balance is available to provide working capital for the <br />fund until tax settlements are received in July and December of <br />each year, to provide funds for unknown events which would have <br />an adverse effect on the fund, and to help finance future budg- <br />ets. The City has designated $2,995,000 of this balance for <br />working capital, $247,771 for vacation pay and compensatory time <br />off, and $21,698 for future expenditures. <br />The amount of revenue from various sources and the changes from <br />last year are shown in the following tabulation: <br />Revenue Source <br />General property taxes <br />License and permits <br />Intergovernmental <br />revenue <br />lgg9 Percent <br />Amount of Total <br />$ 1,984,5C3 36.Sg <br />156,090 Z•9 <br />1,926,637 35.4 <br />5 <br />Increase Percent <br />(Decrease) oz <br />From 1988 Chancre <br />$ 20,815 l.l <br />{330,022) (67.9} <br />426,514 28•4 <br />