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SUBJECT: <br />2020 YEAR -IN -REVIEW <br />DATE: <br />J U LY 23, 2021 <br />PAGE2OF7 <br />General Funcl <br />MD Projections & 202.0 Audited Actuals <br />Beginning Fund Balance <br />Plus: Revenue <br />Plus: Transfers -In [2] <br />Less: Expenditures <br />Less: Transfers -Out [4] <br />2020 <br />Projection Actual <br />Variance <br />10,808,964 10,808,964 <br />18.318.550 20.303.855 <br />80.840 80.840 <br />(17.886.160) (17.393.428) <br />(2. 802_810) (2_498.190) <br />1.985.305 [1] <br />(0) <br />492.732 [3] <br />304.620 <br />Ending Fund Balance 8,519,384 11,302,041 <br />Percent of Annual Operating Expenditures 65% <br />Adjustment for Carry ForAvard Amendment <br />2,182,651 <br />(106.470) <br />Net Variance 2,616,181 <br />[1] Includes $930.983 of CVRF Funding <br />[2] Transfers from PEG Fee Fund and Historic Preservation Fund <br />[3] Equates to a 4.3% 'Turnback" (i.e.. 4.3% positive actual -to -budget variance) <br />Equates to a 3.9 i positive actual -to -projection variance <br />[4] Tranfers to Open Space & Parks Fund. Cemetery Fund. and Recreation Fund <br />The first column (Projection) summarizes the General Fund revenue and expenditure <br />projections that were developed in September/October 2020. The second column <br />(Actual) summarizes the final actual audited amounts for fiscal year 2020. The final <br />column calculates a positive or negative variance between the actual amounts and the <br />original projections. <br />For the General Fund, the 2020 ending fund balance of $11,302,041 is $2,782,657 <br />greater than the projection. This is mostly due to revenue exceeding projections, the <br />receipt of CVRF grant, and a 4.3% expenditure "turnback" amount. "Turnback" is a term <br />used to refer to a positive actual -to -budget variance for fund expenditures. The positive <br />actual -to -projection variance for fund expenditures for the General Fund is 3.9%. The <br />2020 ending fund balance is 65% of 2020 annual operating expenditures, which is well <br />above the 20% target as defined in the financial policies. <br />Since part of the positive ending fund balance variance for 2020 is due to unfinished <br />projects that will be completed in 2021, the total variance amount is reduced by the June <br />15 carryforward amendment to reach a Net Variance, which can be thought of as the <br />unanticipated amount of additional fund balance at the beginning of 2021. This is not a <br />CITY COUNCIL COMMUNICATION <br />