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NOTE 7 — NET POSITION/FUND BALANCES (CONTINUED)
<br />B. Governmental Fund Balance Classifications
<br />At December 31, 2023, a summary of the City's governmental fund balance classifications are as follows:
<br />Special Revenue
<br />Capital Projects
<br />Tax Increment
<br />Community Financing Vehicle and
<br />Special Street
<br />General EDA Center District No. 5 Equipment
<br />Projects Improvements Nonmajor
<br />Total
<br />Restricted
<br />Economic development
<br />$ — $ 1,429,697 $ — $ — $ —
<br />$ — $ — $ —
<br />$ 1,429,697
<br />Tax increment
<br />— — — 45,226 —
<br />— — 601
<br />45,827
<br />Communications
<br />— — — — —
<br />— — 226,082
<br />226,082
<br />Public safety
<br />— — — — —
<br />— — 30,164
<br />30,164
<br />Parks and recreation
<br />— — — — —
<br />— — 76,189
<br />76,189
<br />Conservation
<br />— — — — —
<br />— — 32,306
<br />32,306
<br />Debt service
<br />— — — — —
<br />— — 413,745
<br />413,745
<br />Total restricted
<br />— 1,429,697 — 45,226 —
<br />— — 779,087
<br />2,254,010
<br />Assigned
<br />Levy reduction
<br />2,047,160 — —
<br />— — — — — 2,047,160
<br />Balance subsequent budget
<br />976,000 — —
<br />— — — — — 976,000
<br />Community center
<br />operations
<br />— — 318,133
<br />— — — — — 318,133
<br />Other capital projects
<br />— — —
<br />— 2,557,036 2,691,259 — — 5,248,295
<br />Street reconstruction
<br />— — —
<br />— — — 1,286,625 — 1,286,625
<br />Total assigned
<br />3,023,160 — 318,133
<br />— 2,557,036 2,691,259 1,286,625 — 9,876,213
<br />Unassigned
<br />5,528,190 — —
<br />— — — — — 5,528,190
<br />Total
<br />$ 8,551,350 $ 1,429,697 $ 318,133 $
<br />45,226 $ 2,557,036 $ 2,691,259 $ 1,286,625 $ 779,087 $ 17,658,413
<br />C. Minimum Fund Balance Policy
<br />The City Council has formally adopted a policy regarding the minimum unassigned fund balance for the
<br />General Fund. The policy establishes a minimum unassigned General Fund balance of between 35.0 percent
<br />and 50.0 percent of the subsequent year's budgeted revenues and transfers or a minimum five months of
<br />expenditures and transfers. At December 31, 2023, the unassigned fund balance of the General Fund was
<br />60.7 percent of the subsequent year's budgeted revenues and transfers, compared to 62.5 percent for the
<br />prior year.
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