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accounting controls adequately safeguard assets and provide reasonable assurance of proper <br />recording of financial transactions. <br />A budgetary system of accounts is maintained for the general and special revenue funds. <br />Control is maintained by the use of a parchase order system and the continuing review of <br />actual expenditures compared to budgeted amounts. Budget revisions are implemented upon <br />approval of a resolution by the City Council. The financial sCatements of revenues and <br />expenditures compared with the budget in this report would reflect these revisions. <br />General Government Functions <br />•�• ; �� <br />The General Fund accounts for all financial tra�uactions not properly accounted for in any <br />other fund. Revenues of [he General Fund totaled $7,498,529, an increase of $158,728 from <br />1996. <br />Expenditures (ineleding oper2ting transfers) for the General Fund totaled $7,198,034 an <br />� increase of $54,110 over the previous year. The fund balance increased by $300,495 and <br />' rotaled $4,027,720 at the end of the year. <br />Tbe fund balance is available to provide working capital for the fund until tax settlements are <br />' received in July and December of each year, to provide funds for unknown events which <br />would have an adverse effect on the fund, and to help finance future budgets. The City has <br />designated $3,654,679 of this balance for working capital, $348,978 for vacation pay and <br />compensatory time off, and $24,063 is reserved for the police drug forfeiture program. <br />The amount of revenue from various sources and the changes from last year are shown in the <br />following tabulation: <br />�• : .• �.i <br />. <br />General Property Taxes <br />Intergovernmental <br />Revenue <br />License and Permits <br />Charges for Services <br />Fines and Forfeits <br />Miscellaneous <br />Total Revenue <br />1997 <br />Amount <br />$ 3,161,919 <br />2,583,462 <br />220,614 <br />1,025,537 <br />125,783 <br />381.214 <br />74 2 <br />Increase <br />Percent (Decrease) <br />of Tota1 From 1996 <br />42.1 % $(725,813) <br />5 <br />34.5 % <br />2.9 % <br />13.7%a <br />I .7% <br />5 1 %Q <br />I o <br />650,465 <br />18,609 <br />82,837 <br />21,263 <br />111.367 <br />1 72 <br />Percent <br />of <br />hanEe <br />18.70% <br />33.65% <br />9.21 % <br />8.78% <br />20.34% <br />41.27% <br />2.16% <br />