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<br />
<br />Financial Analysis of the City’s Funds
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<br />As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal
<br />requirements.
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<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, 2024.
<br />
<br />General Fire Other
<br />General Infrastructure Capital Economic Equipment Governmental
<br />Fund CIP Improvements Development Replacement Funds Total
<br />Fund Balances
<br />Nonspendable 309,960$ -$ -$ -$ -$ -$ 309,960$
<br />Restricted 21,123 - - - - 3,414,725 3,435,848
<br />Committed - - - 226,455 - 699,576 926,031
<br />Assigned - 2,234,266 2,650,075 - 1,503,146 2,919,629 9,307,116
<br />Unassigned 4,374,339 - - - - (200,405) 4,173,934
<br /> Total 4,705,422$ 2,234,266$ 2,650,075$ 226,455$ 1,503,146$ 6,833,525$ 18,152,889$
<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 63 of this report.
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<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 expenditures,
<br />
<br />
<br />Current Year Prior Year Increase/
<br />Ending Balance Ending Balance (Decrease)
<br />General Fund Fund Balances
<br />Nonspendable 309,960$ 476,685$ (166,725)$
<br />Restricted 21,123 471,123 (450,000)
<br />Unassigned 4,374,339 3,681,696 692,643
<br />Total 4,705,422$ 4,629,504$ 75,918$
<br />General Fund expenditures 5,068,952$ 4,769,044$
<br />Unassigned as a percent of expenditures 86.3%77.2%
<br />Total Fund Balance as a percent of expenditures 92.8%97.1%
<br /> The fund balance of the City’s General fund increased during the current fiscal year as shown in the table above by
<br />$75,918. The increase in fund balance was due to favorable budget variances for revenues that were offset by one major
<br />expenditure, funds were restricted in 2023 for public safety use and were spent in 2024 toward the remaining balance of
<br />the Ladder Truck ($450,000).
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