2013 Annual Comprehensive Financial Report

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Financial Analysis of Funds As the City completed the year, its governmental funds reported a combined fund balance of $24.1 million, an increase of $420,000 (1.8%) from last year. Some items to be noted, within various funds are: ■ The General Fund balance increased by $2.2 million, or 52%, during 2013. This was mainly due to higher than anticipated receipts of sales tax revenue, use tax revenue, and building- related revenue, such as construction permits. Total General Fund revenue exceeded budget by 11%. In addition, total General Fund expenditures came in at 4% under budget. ■ As anticipated, the Open Space & Parks Fund balance declined by approximately $560,000, but remained at over $7.3 million. The decline was mainly due to nearly $1.7 million in capital outlay. Fund revenue exceeded budget by $292,000 (15%) and fund expenditures were under-budget by $1.7 million (38%) because of unfinished capital projects. ■ As anticipated, the Capital Projects Fund balance declined by approximately $918,000. Fund revenue exceeded budget by nearly $600,000 (13%), mainly due to unanticipated building use tax. Total expenditures were under-budget by $3.1 million (34%) because of delayed capital projects. Expenditures for capital projects totaled $5.5 million for the property acquisition, general capital, street improvements, and parks and recreation improvements. General Fund Budgetary Highlights For 2013, General Fund revenue exceeded budget by $1.7 million (11%). This was primarily due to positive budget variances in sales tax revenue ($212,000) consumer use tax revenue ($382,000), construction permit revenue ($350,000), and transfers from the Historic Preservation Fund ($250,000). In addition, continued emphasis on cost-containment resulted in General Fund expenditures coming in at $595,000 (4%) below budget. 18