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GENERAL FUND <br /> <br />Overview <br />The General Fund is the general operating fund of the City. It is used to account for all financial resources except <br />those required to be accounted for in another fund. <br /> <br />Budgetary Compliance: <br />The General Fund budget is legally adopted at the fund level. Department Directors may authorize purchases on <br />a department basis (Administration, Planning, Public Works, etc.). The City Administrator may transfer <br />appropriations between departments. Additional appropriations must be approved by City Council. <br /> <br />Fund Balance Policy: <br />Per the Fund Balance Policy, the unassigned fund balance for the General Fund shall be between 42.5% and 65% <br />of the subsequent year’s budget. Since a significant source of revenue in the General Fund comes from property <br />taxes, maintaining an adequate unassigned fund balance ensures that sufficient resources are available to fund <br />basic City functions between the property tax settlements that are received in July and December. <br /> <br />Fund Balance Components 2017 Actual 2018 Actual 2019 Actual <br />Nonspendable Fund Balance $1,098,422 $726,793 $771,985 <br />Assigned Fund Balance - - 138,870 <br />Unassigned Fund Balance 1,434,580 1,992,381 2,210,615 <br />Total Fund Balance $2,533,003 $2,719,175 $3,121,470 <br /> <br />Unassigned Fund Balance as % of Next Year’s Budget 37.71% 50.93% 53.46% <br /> <br /> <br /> <br />DRAFT DOCUMENT -9/3/2020 18