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CITY OF HUGO, MINNESOTA
<br />GENERAL OBLIGATION BONDS
<br />Schedule of Revenues, Expenditures
<br />and Changes in Fund Balance - Budget and Actual
<br />For the Year Ended December 31, 2015
<br />Variance with
<br />Final Budget
<br />Budgeted Amounts Favorable
<br />Original Final Actual (Unfavorable)
<br />REVENUES
<br />Property taxes
<br />$ 753,245
<br />$ 753,245
<br />$ 758,503 $
<br />5,258
<br />Special assessments
<br />130,925
<br />130,925
<br />173,382
<br />42,457
<br />Intergovernmental revenue
<br />487,013
<br />487,013
<br />488,859
<br />1,846
<br />Other revenues
<br />Investment earnings
<br />6,547
<br />6,547
<br />10,566
<br />4,019
<br />Net increase in the fair value
<br />of investments
<br />2,261
<br />2,261
<br />Total Revenues
<br />1,377,730
<br />1,377,730
<br />1,433,571
<br />55,841
<br />EXPENDITURES
<br />Debt service
<br />Principal retirement
<br />7,070,000
<br />7,070,000
<br />7,070,000
<br />Interest on bonds
<br />272,283
<br />272,283
<br />272,283
<br />Fiscal charges
<br />25,350
<br />25,350
<br />11,975 13,375
<br />Total Expenditures
<br />7,367,633
<br />7,367,633
<br />7,354,258 13,375
<br />Excess (deficiency) of revenues
<br />over (under) expenditures (5,989,903) (5,989,903) (5,920,687) 69,216
<br />OTHER FINANCING SOURCES (USES)
<br />Transfers in 217,264 217,264 217,264
<br />Transfers out (26,700) (26,700) (26,944) (244)
<br />TOTAL OTHER FINANCING
<br />SOURCES (USES) 190,564 190,564 190,320 (244)
<br />Net Change in Fund Balances
<br />(5,799,339)
<br />(5,799,339)
<br />(5,730,367) 68,972
<br />Fund Balance, January 1
<br />8,830,050
<br />8,830,050
<br />8,830,050
<br />Fund Balance, December 31
<br />$ 3,030,711
<br />$ 3,030,711
<br />$ 3,099,683 $ 68,972
<br />75
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