06-09-1997 Council Packet - Laserfiche WebLink

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r i - Financial Trends and C onditions of the C ity of Orono General Fund The General Fund had a deficiency of revenue over expendinires and other financing sources fuses) of $105,615 in 1996, bringing the tota! fund balance down to $1,551,086 at December 31, 19%. This was due to the City taking advantage ^f an opportunity to purchase a parcel of property key to the development along Highway 12, using General Fund reserves. Excluding this purchase. General Fund operations realized an operating surplus of $153,488. The City had net transfers out of $165,400 during 19%, compared with net transfers out of $84,900 during 1995. This increase was primarily due to the one-time transfer of funds to the Permanent Improvement Revolving Fund for the purpose of funding a stormwater management plan and potential stormwater runoff corrections. The General Fund cash and investments balance was $1,587,878 at December 31, 19%, decreasing 8.3% from the previous year. The following graph shows the financial position of the General Fund over the last ten years. The general trend has been an increasing fund balance. General Fund Financial Position Years Ended December 31 3000 2500-1 2000“ 1000 - 1000- 500“ 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 Revenue Fund balance Cash balance » % The significant drop in cash and fund balances in. 1989 reflects the planned accumulation and transfer of funds to finance a portion of the City’s facilities construction. f m -7-