Laserfiche WebLink
Total expenditures and <br />which totaled $7,318,7( <br /> <br />2003 E: <br /> <br />$4,000,000 <br />$3,500,000 <br />$3,000,000 <br />$2,500,000 <br />$2,000,000 <br />$1,500,000 <br />$1,000,000 <br />$500,000 <br />$- <br /> <br />City of Elk River <br /> March 19, 2004 <br /> Page Six <br /> <br />)perating transfers out in the general fund were $7,309,722 and this was 99 percent of the budget <br />0. A graph of expenditures and operating transfers out compared to budget follows: <br /> <br />:penditures and Operating Transfers Out Compared to Budget <br /> <br />General <br /> <br />Public Safety Public Works <br /> <br />Culture and <br />Recreation <br /> <br />Operating <br />transfers out <br /> <br />the State Auditor has classified cities' unreserved fund balance levels relative to expenditures as <br /> <br /> Under 20% <br /> 21-34 <br /> 35-50 <br /> 51-64 <br /> 65-100 <br /> 101-150 <br />Above 150 <br /> <br />,,roup all general and special revenue funds of the city when making this calculation where our <br />on the general fund. If we use expenditures and transfers in these funds as a basis for calculation the <br />;e in both general and special revenue funds of approximately 120 percent. Although there is no <br />~d balance, it is a good policy to designate intended use of fund balance. This helps address citizen <br />fund balance and tax levels. <br /> <br />952.835.9090 · Fax952.835.3261 <br />www. aemcpas.com <br /> <br />The State Auditor does <br />calculation is based onl, <br />City would have a reser <br />legislation regulating fu <br />concerns as to the use o <br /> <br />Extremely low <br />Low <br />Acceptable <br />Moderately high <br />High <br />Very high <br />Extremely high <br /> <br />The Minnesota Office <br />follows: <br /> <br />approximately 40 to 50 <br />emergency needs. At ~ <br /> <br />percent of planned expenditures and transfers out is adequate to meet working capital and small <br /> current level, the fund balance is Within the range of what is generally recommended as a minimum. <br /> <br /> ~ Acmal 1,537,682 $3,526,140 $1,188,209 $864,361 $193,330 <br /> '~'"Budget 1,625,600 $3,507,200 $1,232,600 $815,100 $138,200 <br /> / <br />The general fund balanCe increased $541,460 from 2002. The total fimd balance is $3,732,049 and the unreserved portion of <br />fund balance is $3,384,023 which is 43 percent of the 2004 budgeted expenditures. We recommend the fund balance be <br />maintained at a level sufficient to fund operations until the major revenue sources are received in June. We feel a reserve of <br /> <br /> <br />