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The 2013 General fund operations are summarized as follows:
<br /> Final
<br /> Budgeted Actual Variance with
<br /> Amounts Amounts Final Budget
<br /> Revenues $ 11,438,350 $ 11,371,474 $ (66,876)
<br /> Expenditures 12,562,750 12,315,655 247,095
<br /> Deficiency of revenues under expenditures (1,124,400) (944,181) 180,219
<br /> Other financing sources(uses)
<br /> Transfers in 1,216,000 1,216,000 -
<br /> Transfers out (294,800) (422,843) (128,043)
<br /> Total other financing sources(uses) 921,200 793,157 (128,043)
<br /> Net change in fund balances (203,200) (151,024) 52,176
<br /> Fund balances,January 1 6,205,314 6,205,314 -
<br /> Fund balances,December 31 $ 6,002,114 $ 6,054,290 $ 52,176
<br /> The City amended the General fund budget during the year_ The amendment resulted in an increase of revenues($17,400)and
<br /> expenditures($20,600).The final budget called for a decrease of$203,200 of fund balance reserves. Actual change in fund
<br /> balance was a decrease of$151,024.
<br /> Some of the line items with significant variances are highlighted below:
<br /> • Each expenditure function was under budget except for public works which was$160,098 over budget due to change in
<br /> accounting for engineering salaries and additional snowplowing and contractual services in 2013.The largest current
<br /> expenditure variances were in general government and public safety under budget by$103,971 and$240,235,
<br /> respectively.
<br /> • Transfers out were$128,043 over budget related to transfers to the Capital Reserve fund and Improvement Projects fund
<br /> for future expenditures which Council approved on May 7,2014 as part of the annual financial management plan review.
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