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City of Elk River
<br /> May 17,2013
<br /> Page 5
<br /> I
<br /> The 2012 General fund operations are summarized as follows:
<br /> Final
<br /> Budgeted Actual Variance with
<br /> Amounts Amounts Final Budget
<br /> Revenues $ 11,165,300 $ 11,162,405 $ (2,895)
<br /> Expenditures 12,256,350 11,674,417 581,933
<br /> Deficiency of revenues under expenditures (1,091,050) (512,012) 579,038
<br /> Other financing sources(uses)
<br /> Transfers in 1,146,600 1,024,500 (122,100)
<br /> Transfers out (290,500) (604,786) (314,286)
<br /> Total other financing uses 856,100 419,714 (436,386)
<br /> Net change in fund balances (234,950) (92,298) 142,652
<br /> Fund balances,January 1 6,297,612 6,297,612 -
<br /> Fund balances,December 31 $ 6,062,662 $ 6,205,314 $ 142,652
<br /> The City amended the General fund budget during the year. The amendment resulted in a decrease of expenditures($131,200).
<br /> The final budget called for a decrease of$234,950 of fund balance reserves. Actual change in fund balance was a decrease of
<br /> $92,298. Some of the line items with significant variances from the final budget are highlighted below:
<br /> • Each expenditure function was under budget.The largest current expenditure variances were in general government and
<br /> public safety under budget by$149,923 and$310,937,respectively.
<br /> • Transfers out were$314,286 over budget related to a transfer to the Capital Reserve fund for future expenditures.
<br /> 952.835.9090 • Fax 952.835.3261
<br /> www.aemcpas.com
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