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21
<br /> Honorable Mayor and Members of the City Council
<br /> City of St. Anthony,Minnesota
<br /> Financial Summary, continued
<br /> General Fund, continued
<br /> The major portion of the fund balance, $977,464,has been designated for working capital purposes.
<br /> This reserve provides financing of current operations until tax settlements and state aids are received.
<br /> This reserve also serves as a safeguard against potential revenue shortages or unexpected expenditures,
<br /> which may occur throughout the year. This reserve for working capital represents approximately
<br /> 27.2%of budgeted expenditures for 2004. The total fund balance of the General Fund represents
<br /> approximately 30.2%of the current year's budgeted expenditures. Each year this reserve has been
<br /> increased in an effort to reach the City's goal of maintaining a reserve balance of between 30%and
<br /> 35%.
<br /> Revenues before transfers were$290,000 less than budgeted amounts(loss of state aids)and expendi-
<br /> tures were$192,700 less than budgeted and amounted to approximately 95%of budgeted amounts. A
<br /> condensed summary of revenues,expenditures and other financing sources compared with the budget
<br /> for the year ended December 31, 2003 is shown below:
<br /> Budget Actual Variance
<br /> Revenues
<br /> General Property Taxes $ 2,059,127 $ 2,024,347 $ (34,780)
<br /> Licenses and Permits 131,700 126,086 (5,614)
<br /> Intergovernmental Revenues 529,463 310,306 (219,157)
<br /> Charges for Services 654,153 652,608 (1,545)
<br /> Fines and Forfeitures 105,000 88,091 (16,909)
<br /> Investment Income 28,302 15,173 (13,129)
<br /> Other Revenue 109,500 110,631 1,131
<br /> Transfers from Other Funds 227,355 350,260 122,905
<br /> $ 3,844,600 $ 3,677,502 $ 167,098)
<br /> Expenditures
<br /> General Government $ 692,700 $ 652,422 $ 40,278
<br /> Public Safety 1,871,700 1,798,780 72,920
<br /> Public Works 573,800 492,273 81,527
<br /> Park Maintenance 128,200 130,731 (2,531)
<br /> Other 578,200 597,651 549
<br /> $ 3,844,600 $ 3,651,857 $ 192,743
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