manitou springs city council regular meeting agenda city council

NOTES TO GENERAL FUND REVENUES AND EXPENDITURES
a) This is our audited FY2010 unreserved balance. The $240,375 fund balance does not include the Tabor Restricted
Fund Balance. As per the City's 2010 audited financial statements, the fund balances of the General Fund and the
Public Works Fund, which are combined together, were a total of $399,961. When the Public Works Fund balance of
$ 23,594 and the Tabor Reserve of $136,000 are separated out from this total, the Audited General Fund ending Fund
Balance is $240,367, with a variance of $ -8. This variance is caused by rounding differences.
b) The Prior Year Ending Fund Balance is the "carryover" of funds, not otherwise reserved or designated for specific
purposes, which is added to current year revenues and the total is then available to be appropriated for General
Fund budgets in subsequent years.
c) All revenue estimates for year-end 2011 and FY2012 are based on the 2011 numbers before the receipt of the
City's audit and actual 2012 numbers through the end of August 2012.
d) "Interfund Transfers" are monies transferred to other city funds or entities out of the General Fund. These transfers
are shown as "revenues" in each of the respective benefiting funds and are added to other revenues and the Prior
Year Fund Balance of the fund.
e) The "Ending Balance--Unreserved" is the carryover from the current year beginning fund balance, plus current
year revenues, less current year expenditures and interfund transfers out. This is referred to as "Contingency" funds
to be specifically appropriated by City Council for items not otherwise budgeted
f) The "TABOR Reserve" is required as an emergency unallocated pool of money which may be used only for major
unplanned events as specified in the Taxpayers Bill of Rights (TABOR). The TABOR reserve must consist of a sum equal
to 3% of all city expenditures except those expenditures from enterprise funds, interfund transfers, federal grants,
lottery receipts or voter-approved debt proceeds.
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