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2018 Adopted Annual Operating & Capital Improvement Budget

FUND BALANCE ANALYSIS

FUND BALANCE ANALYSIS 2018 Beginning Fund Balance Revenues & Other Sources Expenditures & Other Uses Restrictions/ Commitments/ Assignments 2018 Unassigned Fund Balance General Fund $ 24,966,098 $ 41,806,483 $ 41,806,483 $ 11,092,900 $ 13,873,198 Capital Projects Fund 12,461,042 11,823,640 17,338,430 6,946,252 - $ 37,427,140 $ 53,630,123 $ 59,144,913 $ 18,039,152 $ 13,873,198 As shown in the above table, the forecasted ending fund balance of $31.9 million exceeds all restrictions, commitments and assignments of the organization by $13.9 million (unassigned fund balance). These funds are available to meet the needs of the community without regard to spending limitations otherwise imposed by the City or external agencies. The 2018 budget provides for all externally enforceable restrictions, as well as a 25% Operating Reserve Assignment, and an Open Space Acquisition Assignment. The 25% Operating Reserve Assignment is determined via a calculation of 25% of the General Fund operating expenditures and serves to shore up reserves and assist in meeting cash flow needs of the organization. On the other hand, the Open Space Acquisition Assignment operates much like a savings account to accumulate reserves for future expenditures. Additionally, the 2018 budget includes an assignment for the rebate of development fees anticipated to be collected during the fiscal period. The assignment maintains those resources which are expected to be rebated upon completion of the development. 34

CITY-WIDE FINANCIAL SUMMARY 2016 Audited Actuals 2017 Amended Budget 2018 Adopted Budget % Change Revenue: Taxes & Assessments $ 38,889,425 $ 39,679,000 $ 39,621,521 -0.14% Intergovernmental 4,635,492 2,791,359 3,055,028 9.45% Licenses & Permits 1,629,321 1,755,000 1,701,000 -3.08% Charges & Fees 2,800,927 3,039,000 2,898,955 -4.61% Fines & Forfeitures 971,245 1,087,000 1,020,000 -6.16% Investment Earnings 166,457 291,000 500,000 71.82% Miscellaneous Revenue 112,925 8,000 16,500 106.25% Total Revenue 49,205,792 48,650,359 48,813,004 0.33% Expenditures: Personnel 22,559,457 23,760,018 24,057,465 1.25% Purchased Services 5,843,390 8,501,522 6,843,333 -19.50% Supplies/Non-Capital Equipment 3,048,118 3,246,037 3,129,034 -3.60% Capital Outlay 10,920,256 23,711,048 19,613,597 -17.28% Debt Service 31,522 31,522 13,135 -58.33% Miscellaneous Expenditures 2,566,943 580,256 746,230 28.60% Total Expenditures 44,969,686 59,830,403 54,402,794 -9.07% Excess/(Deficiency) of Revenues Over Expenditures 4,236,106 (11,180,044) (5,589,790) -50.00% Other Financing Sources/(Uses): Sale of Capital Assets 81,281 50,000 75,000 50.00% Insurance Recovery 402,644 162,646 - -100.00% Total Other Financing Sources/(Uses) 483,925 212,646 75,000 -64.73% Net Change In Fund Balance: 4,720,031 (10,967,398) (5,514,790) -49.72% Cumulative Fund Balance Beginning Fund Balance 43,674,507 48,394,538 37,427,140 -22.66% Ending Fund Balance 48,394,538 37,427,140 31,912,350 -14.73% Less Restrictions, Commitments, & Assignments: 3% TABOR Emergency Restriction 1,402,000 1,459,511 1,464,390 0.33% Arts/Humanities Council Restriction 86,712 81,219 81,219 0.00% Federal/State Forfeiture Restriction 225,679 - - 0.00% 25% Operating Reserve Assignment 8,743,187 9,224,555 9,266,091 0.45% SGID #1 Restriction 1,270,414 - - 0.00% Open Space Tax Restriction 1,637,387 202,534 602,534 197.50% Lottery Proceeds Restriction 272,451 108,563 253,563 133.56% Capital Project Commitment 11,576,245 1,607,181 3,420,021 112.80% Open Space Acquisition Assignment 391,334 491,334 591,334 20.35% Maintenance Facility Phase II Assignment 5,825,000 7,825,000 - -100.00% Development Rebate Assignment 1,765,974 2,525,974 2,360,000 -6.57% Unassigned Fund Balance* $ 15,198,155 $ 13,901,269 $ 13,873,198 -0.20% *The reported Unassigned Fund Balance is that of the General Fund 35