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IP
<br />MAY 1 2 2003
<br />REQUEST FOR COUNCIL ACTION qronq
<br />0
<br />DATE; May 12,2003
<br />ITEM NO: 16
<br />Department Approval^ V /
<br />Name Tom Kuehn /—•
<br />Title Finance Director
<br />Administrator Reviewed:Agenda Section:
<br />City Administrator's
<br />Report
<br />Item Description: 2002 General and Special Revenue Funds Budget Amendments
<br />General Fund Budeet Amendments
<br />The total General Fund revenues for 2002 are $4,666,117, compared to total expenditures
<br />of $4,552,576. Total revenues exceeded total expenditures for the year by $113,542, and
<br />the fund balance increased from $1,419,733 on 12/31/01, to $1,333,275 on 12/31/02, or
<br />an increase of 8.00%.
<br />The fund balance of the General Fund at 12/31/02 is 32.5% of the 2003 General Fund
<br />expenditure budget. This is 12.5% lower than the desired year-end fund balance level of
<br />45% of the budget, but is an increase of 2.5% from the prior year. The fund balance
<br />should be restored to the desired level when sale of certain city owned property occurs.
<br />1. General Fund Revenues
<br />The year-end revenue for the General Fund is $4,666,117, compared to the budget of
<br />$4,607,470, a favorable variance of $58,647. There are several revenue sources which
<br />exceed the budget by significant amounts, and should be adjusted to match the
<br />expenditure areas that generate or usw those revenues. The revenue budget net
<br />amendments total $37,695, and affect the revenue sources as shown below. The amended
<br />General Fund revenue budget will be $4,645,165, and the actual revenue will exceed the
<br />amended budget by $20,952. (Please note that only the revenue items with budget
<br />amendments arc listed, and those items only add up to the total indicated at the bottom of
<br />the Amendment column).
<br />Final Amended
<br />Revenue Source Original Amendment Budget
<br />Building Permits $ 260,000 $25,000 $ 285,000
<br />Market Value Credit (State)-0-40,000 40,000
<br />Police Town Aid 111,450 (10,000)101,450
<br />Plan Check/Site Exam Fees •35,000 32,695 167,695
<br />Conditional Use/Subd. Fees 40,000 10,000 50,000
<br />Police Special Services 48,000 8,000 56,000
<br />Coop Agree-Inspection Serv 38,080 (15,000)23,080
<br />False Alarms 18,000 (8,000)10,000
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