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82 Honorable Mayor and Members of the City Council City of St. Anthony, Minnesota Financial Summary, continued A summary of significant activities of these fund categories is: General Fund The fund balance of the General Fund at December 31, 2002 is $1,116,402. For the year ended December 31, 2002, reserves of the General Fund budget totaled $73, 696 and represent an increase of 7.07% from the prior year's fund balance. Below is a condensed summary of revenues and expenditures compared to the budget for 2002. Budget Actual Variance Revenues and Transfers $3, 626,500 $3, 652,998 Expenditures and Transfers $26,498 3, 626,500 3,579,302 47,198 Excess of Revenues Over Expenditures ------ $ - $73, 696 $73, 696 Revenues and transfers exceeded budgeted estimates by $26,498 due to a transfer of $25,000 from the Utility Fund to finance the refurbishing of streetlights. Expenditures and transfers of $3,579,302 were approximately 98.70% of budgeted amounts. Total expenditures (not including transfers) increased by 3.00% compared to the prior year; however, all City departments' experienced favorable variances when actual expenditures were compared to budgeted estimates. The fund balance of the General Fund is designated or reserved for the following Purposes: Working Capital Budget Contingency/LGA Shortfalls $898'788 Insurance (Self-insurance program) 70,000 lO 72,230 Public Safety (Unemployment yment Benefits and Contract Reserves) 42 300 Prepaid Insurance and Other Items ' 33,084 $1, 116,402 The major portion of the fund balance, $898,788, has been designated for working capital purposes. This reserve provides financing of current operations until tax settlements and state aids are received. This reserve also serves as a safeguard against potential revenue shortages or unexpected expenditures, which may occur throughout the year. This reserve for working capital represents approximately 23.45% of budgeted expenditures for 2003. The total fund balance of the General Fund represents approximately 29.10 of the current year's budgeted expenditures. Each year this reserve has been increased in an effort to reach the City's goal of maintaining a reserve balance of between 30% and 35%.