Comprehensive Annual Financial Report

FINANCIAL ANALYSIS OF THE FUND STATEMENTS
For the fiscal year ended June 30, 2012, the governmental funds reflect a combined fund balance of $184.6 million, an increase
of $99.7 million over fiscal year 2011. Included in the combined fund balance is the General Fund which accounts for $162.0
million of the total combined balance. This is a 69.3 percent increase over the General Fund balance of $95.7 million, as
restated (Note 17), recorded at June 30, 2011.
The current General Fund Balance was impacted by General Fund Revenues, which increased by $64.3 million from fiscal year
2011. This increase was due to the collection of one time revenue sources due to the City, such as, the advance repayment
from RMA ($62.1 million) and funds held in trust by RRHA ($2.1 million) relating to the proceeds from the sale of the Miller and
Rhoads building.
General Fund expenditures increased $18.6 million or 3.0 percent over fiscal year 2011. The majority of the increases in
expenditures were related to the Department of Information Technology ($1.9 million), City Sheriff ($4.7 million), Department of
Police ($4.6 million) and the Department of Public Works ($2.5 million). To control expenses during FY 2012 the City funded no
pay increase, implemented additional hiring controls, and utilized low-cost debt financing.
GENERAL FUND BUDGETARY HIGHLIGHTS
Table 3
City of Richmond's Budgetary Comparison
General Fund
For the Fiscal Years Ended June 30, 2012 and 2011
(In Millions, rounded)
Revenues:
Original Budget Amended Budget Actual
Positive (Negative)
Variance
2012 2011 2012 2011 2012 2011 2012 2011
Property Taxes $ 254.6 $ 261.9 $ 254.6 $ 261.9 $ 260.8 $ 266.3 $ 6.2 $ 4.4
Other Taxes 168.9 158.3 169.0 160.3 170.9 167.5 1.9 7.2
Intergovernmental 113.4 116.4 113.4 117.3 107.5 112.1 (5.9) (5.2)
Miscellaneous 154.2 98.3 157.5 104.8 167.7 96.3 10.2 (8.5)
Other Financing Sources 18.8 2.4 21.4 3.7 3.1 3.5 (18.3) (.2)
Total Revenues and Other Financing Sources $ 709.9 $ 637.3 $ 715.9 $ 648.0 $ 710.0 $ 645.7 $ (5.9) $ (2.3)
Expenses:
General Government $ 74.8 $ 66.5 $ 74.2 $ 71.0 $ 71.6 $ 67.8 $ 2.6 $ 3.2
Public Safety and Judiciary 163.0 160.4 168.8 160.2 167.2 157.4 1.6 2.8
Highway, Street, Sanitation, and Refuse 59.4 57.7 63.8 59.9 59.4 56.9 4.4 3.0
Human Services 73.0 76.8 68.0 69.5 65.4 68.5 2.6 1.0
Culture and Recreation 21.0 21.0 20.8 21.5 20.8 21.0 -- .5
Education 150.7 149.1 150.8 150.6 150.7 150.6 .1 --
Non-Departmental 103.4 46.4 105.4 57.9 46.8 43.6 58.6 14.3
Other Financing Uses 64.6 59.4 64.1 59.5 61.8 59.3 2.3 .2
Total Expenses and Other Financing Uses $ 709.9 $ 637.3 $ 715.9 $ 650.1 $ 643.7 $ 625.1 $ 72.2 $ 25.0
Revenue and other financing sources exceeded expenditures and other financing uses by $66.3 million in the General Fund for
fiscal year 2012. Actual General Fund revenues were below the amended budgeted revenues by $5.9 million during fiscal year
2012. This decrease is primarily attributable to continued declines in payments from the state and reduced collections in current
and delinquent personal property tax revenue, further offsetting the positive gains in real estate tax revenue. The reduction in
delinquent personal property collections is due to the absence of a third-party collection agency for most of the fiscal year.
Actual General Fund expenditures and other financing uses were less than the amended budget by $72.2 million. This variance
was due in part to programmatic and operational savings resulting from improved fiscal compliance and controls.
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