06-03-2019 Council Packet - Laserfiche WebLink

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Management’s Discussion and Analysis The 2018 Street Reconstruction fund has a total fund balance of $5,300,079. The fund balance increased during the year by $5,497,747 due to proceeds from bond issuance exceeding the expenditures incurred related to the West Shadow Lake Drive and LaMotte Area Street Reconstruction project. The combined fund balance of other governmental funds increased by $272,758 during 2018. Primary reasons for the increase include the closeout of the debt service fund associated with the 2006E Series G.O. CIP Refunding Bonds, the transfer of $500,000 from the General Fund for park and trail improvements, and the closeout of the Birch Street turn lane and utility project, offset by debt service expenditures exceeding revenues. Proprietary funds. The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The water fund has total net position at year-end of $23,481,908, of which $6,008,956 is unrestricted. The increase in net position of $860,344 was primarily due to capital contributions, partially offset by a net operating loss. The sewer fund has total net position at year-end of $24,797,998 of which $9,561,871 is unrestricted. The increase in net position of $741,567 was primarily due to capital contributions, partially offset by a net operating loss and a transfer to the 2018 Street Reconstruction fund. Budgetary Highlights General Fund The General Fund budget was amended during the year to reflect increased revenues relative to building and licensing activities and state aid and decreased revenues related to a grant funded police officer and fines and forfeitures. Changes to expenditure areas include decreased personal services due to personnel vacancies, changes to professional and contracted services, variances in supplies, investment in the Civic Complex air conditioning units 2 & 3, and the final transfer for the park land loan and the comprehensive plan update budgeted over 3 years (2016-2018). The final amended expenditure budget was $315,569 less than the original adopted budget. Revenues were $96,898 over budget for the year. General property tax, special assessments, fines and forfeits, and miscellaneous refunds and reimbursements were $71,231 under budget; however, this variance was more than offset by greater than anticipated license and permit revenues, intergovernmental revenue, charges for services, and investment earnings. Expenditures came in under budget by $5,219 due to many factors including lower than expected personal service costs from vacant positions and favorable professional and contracted service activity. Fuel costs were much higher than anticipated due to an increase in the average fuel price, as well as an increase in the number of snow events. Professional 27