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Financial Analysis of the City’s Funds
<br />As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance -related legal
<br />requirements.
<br />Governmental Funds. The focus of the City’s governmental funds is to provide information on near-term inflows, outflows
<br />and balances of spendable resources. Such information is useful in assessing the City’s financing requirements. In
<br />particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for
<br />spending at the end of the fiscal year. The table below outlines the governmental fund balances for the year ending
<br />December 31, 2023.
<br />General Other
<br />General Infrastructure Capital Governmental Prior Year Increase/
<br />Fund CIP Improvements Funds Total Total (Decrease)
<br />Fund Balances
<br />Nonspendable 476,685$ -$ -$ 676,149$ 1,152,834$ 574,629$ 578,205$
<br />Restricted 471,123 - - 4,517,280 4,988,403 3,088,726 1,899,677
<br />Committed - - - 1,531,853 1,531,853 1,464,755 67,098
<br />Assigned - 1,676,522 2,883,337 3,646,158 8,206,017 10,409,033 (2,203,016)
<br />Unassigned 3,681,696 - - (293,358) 3,388,338 2,656,007 732,331
<br /> Total 4,629,504$ 1,676,522$ 2,883,337$ 10,078,082$ 19,267,445$ 18,193,150$ 1,074,295$
<br />As of the close of the current fiscal year, the City’s governmental funds reported combined ending fund balances shown
<br />above. Additional information on the City’s fund balances can be found in Note 1 starting on page 59 of this report.
<br />The General fund is the chief operating fund of the City. At the end of the current year, the fund balance of the General
<br />fund is shown in the table above. As a measure of the General fund’s liquidity, it may be useful to compare unassigned
<br />fund balance to total fund expenditures. The total unassigned fund balance as a percent of total fund expenditures is
<br />shown in the chart below along with total fund balance as a percent of total expenditure s,
<br />Current Year Prior Year Increase/
<br />Ending Balance Ending Balance (Decrease)
<br />General Fund Fund Balances
<br />Nonspendable 476,685$ 574,629$ (97,944)$
<br />Restricted 471,123 - 471,123
<br />Unassigned 3,681,696 3,039,880 641,816
<br />Total 4,629,504$ 3,614,509$ 1,014,995$
<br />General Fund expenditures 4,769,044$ 4,262,515$
<br />Unassigned as a percent of expenditures 77.2%71.3%
<br />Total Fund Balance as a percent of expenditures 97.1%84.8%
<br />The fund balance of the City’s General fund increased during the current fiscal year as shown in the table above. The
<br />increase in fund balance was due to favorable budget variances for both revenue and expenditures.
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