Annual Financial Report 12/31/1992

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M E M O R A N D U M TO: Randy Schumacher, City Administrator FROM: Mary M. Vaske, Finance Director DATE: April 26, 1993 RE: 1992 Year end audit The audit for 1992 has been completed. The final figures show an increase in fund balance for many of the funds. Many adjustments were done during the year to "clean up" accounts. Following are the main highlights of the City finances. 1. The General Fund balance increased by $142,000. This increase was directly related to a "boom" year in building. Expenditures came in under, mostly due to the lack of time to sealcoat the streets. The fund balance has grown from $131,000 in 1983 to $1,407,000 in 1992. This is a 974% increase in nine years. Our tax collection rate is at 98 %, which is what most cities strive for in questionable economic times. 2. The City's combined fund balance for the four current T.I.F. districts is $925,000. This is an increase of $368,000 from 1991. These dollars are available for any projects that meet the T.I.F. requirements for construction. 3. The special assessment delinquent balance has decreased by $7,400. The delinquent balance is $119,000. In most growing communities, the delinquent balance increases, not decreases as in our case. The delinquent balance has decreased $43,000 since 1989. 4. The Area and Unit fund balance has grown from $1,981,000 to $3,293,000. Because of the strong fund balance, the City will pay off the Temporary Bonds of 1990 when they mature on August 1, 1993. Special assessments are coming in at a strong pace on new developments. In January and February 1993, we have collected $88,000 in special assessments. 5. In 1992, the City prepaid the 1984 and 1986 Improvement Bonds. Currently, the 1988 Improvement Bonds have enough cash to prepay, but the first call date is not until February 1, 1995. On August 1, 1993, the City will pay off the 1990 Temporary Bonds. On August 1, 1993, we will only have three current special assessment improvement bonds, including the 1988 bonds. 6. The Surface Water Management fund balance has grown from $23,000 in the red to $53,000 in the black. The Sealcoating fund balance increased by $88,000 to show a $91,000 fund balance. Assessments are coming in at a strong pace.