2004 Annual Comprehensive Financial Report

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Financial Analysis of the City's Funds As the City completed the year, its governmental funds reported a combined fund balance of $23.7 million, a decrease of $.9 million over last year. Some items to be noted, within various funds are: • The General Fund had a decrease in fund balance of $.2 million. This was primarily due to a shortfall in Recreation/Senior Center membership and daily usage fees of $130,000. ■ The Northwest Parkway fund had a decrease of $6.7 million due to expenditures for the • Northwest Parkway. A grant was received to cover these expenditures of $12 million in 2002. This project is expected to be completed by mid -year 2005. • ■ The Conservation Trust -Land Acquisition fund increased $.5 million. This fund is used to accumulate funds for the purchase of open space. It is funded primarily through a 3/8% sales and use tax. The voters in the November 2002 election approved an extension of this tax for another ten years. The increase in the fund was a result of minor purchases of open space land in 2004 primarily due to availability. ■ Intergovernmental revenues in the Capital Projects Fund was under budget by $.5 million due to a grant that was expected from Boulder County that will not be received until 2005. • The Capital Projects fund had a decrease in the fund balance of $1.6 million. Capital projects totaled $4.4 million as the new Police Building completed construction in 2004. • • The new Library Capital Construction Fund was established in 2004 to track expenses related to the construction of the new Library expected to be completed in July 2006. ■ Other Governmental Funds decreased $.2 million due to the completion of the Skatepark from the Conservation Trust — Lottery Fund. General Fund Budgetary Highlights • The general fund revenues were under budget by $159,849, this was primarily due to shortages in charges for services related to membership fees at the Recreation/Senior Center. Expenditures were over budget by $115,852. Salaries in all departments were over a total of $100,984 due to the 53rd week in 2004 that was not budgeted. Planning was over $79,170 due to the update to the Comprehensive Plan that was not budgeted in 2004. However, this was offset by $200,000 in savings in other expenses and contractual services. Overall, fund balance decreased in the General Fund by $208,913 more than budgeted. Capital Asset and Debt Administration Capital Assets • At the end of 2004, the City had invested $137.2 million (net of accumulated depreciation) in a broad range of capital assets, including land, streets and water outfall lines. This amount represents a net increase (including additions and deductions) of $15.3 million, or 12.5% over last year. • 19