56 / 373
2p
Figure 4
Revenues by Sources – Business-Type Activities
2.7%
3.3%
1.2%
92.8%
Capital Grants and
Contributions
Charges for Current
Services
Investment Income
(Loss)
Miscellaneous
FINANCIAL ANALYSIS OF THE CITY’S FUNDS
A. Governmental Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-
related legal requirements. As of June 30, 2016, governmental funds reported a combined fund
balance of $135 million, an increase of approximately $4.7 million or 3.6% of the FY 2015 restated
amount.
The General Fund net results increased fund balance by $3.9 million, due to robust sales tax
receipts, increased property tax revenue, and increased utility sales tax receipts received through
revenue-sharing with the state. Internal Service Funds are reported with the governmental activities
in the Statement of Net Position. Overall operating expenditures (excluding debt service) have
increased approximately $15.7 million or 6% primarily due to increased spending for transportation
projects. Debt service expenditures at $18.8 million are lower by approximately $2.1 million, year to
year. The current year transfers out exceeded transfers in by $8 million to support other operations.
Fund balance of $73.5 million or 54.4% of the total amount is non-spendable or restricted to indicate
that it is not available for spending due to GASB No. 54 classifications of (1) Non-Spendable which
includes inventories, prepaid expenses, perpetual maintenance or assets held for resale 2) Restricted
which includes amounts to liquidate contracts and purchase orders of the previous year, adherence to
Stabilization for State Statute, amounts bound by debt covenants and third party grantor requirements.
The adherence to State Statute limits the amount that may be appropriated by the governing board or
for other restricted purposes. The remainder of fund balance represents amounts committed 8.8%,
assigned 24% and unassigned 12.8% funds.
The General Fund is the chief operating fund of the City. At the end of the current fiscal year, total
fund balance of the General Fund was $77.2 million. Of this amount, $1.2 million is non-spendable,
$28 million is restricted, $6.4 million is committed for Police Separation Allowance benefits, $6.7
million is assigned for appropriation in next year’s budget, $10.1 million is assigned for capital
projects and $24.8 million
or 9% of the subsequent years’ budget is unassigned and retained for
working capital purposes as well as unforeseen emergencies. General Fund fund balance increased
by approximately $3.9 million primarily as a result of improved property tax receipts, sales tax
collections and utility sales tax collections.