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City of Elk River <br />March 15, 2001 <br />Page Three <br />Other Matters <br />Financial Position and Results of Operations <br />General Fund <br />Fund balance increased $382,732 from 1999 and totaled $2,695,612 at December 31, 2000. Overall, the revenue was <br />$171,621 or 2.9% above budget. Expenditures were under budget. The total was $72,248 or 1.2%. The fund balance <br />history is included in the introductory section of the Annual Financial Report. The information is also summarized here <br />for the previous five years. <br />The City has maintained fund balance at consistent levels over the last five years. We typically recommend that a City <br />maintain its fund balance at a level that provides cash flow for the first six months of the year. Usually a reserve of 35 to <br />45% of planned expenditures is adequate to meet the cash flow needs in the first six months. The City has stayed within <br />that range each of the last five years. <br />2000 <br />1999 <br />1998 <br />1997 <br />1996 <br />Fund Balance to Budget <br />$- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 <br />Dollars expressed in thousands <br />■ Budget <br />■ Fund Balance <br />Percent <br />Adopted <br />of Fund <br />Fund Balance <br />Budget <br />General <br />Balance <br />Year <br />December 31, <br />Year <br />Fund Budget <br />to Budget <br />1996 <br />$ 1,609,394 <br />1997 <br />$ 4,535,850 <br />35.48% <br />1997 <br />1,973,208 <br />1998 <br />4,905,250 <br />40.23 <br />1998 <br />1,973,208 <br />1999 <br />5,363,450 <br />36.79 <br />1999 <br />2,312,880 <br />2000 <br />5,862,500 <br />39.45 <br />2000 <br />2,695,612 <br />2001 <br />6,470,000 <br />41.66 <br />Fund Balance to Budget <br />$- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 <br />Dollars expressed in thousands <br />■ Budget <br />■ Fund Balance <br />