Resolution No. 5146 - Laserfiche WebLink

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Unrestricted net position and its percent to total net position of each proprietary fund are as follows: Unrestricted Percent of Total Fund Name Net Position Net Position Ambulance Transport $ (1.6) million (66.2)% Municipal Airport 1.5 million 59.6 % Parking Services 0.2 million 9.8 % Stormwater Utility 3.0 million 125.0 % Wastewater Utility (0.7) million (28.2)% Total business-type net position (excluding the consolidation of internal service fund activities) decreased $11.3 million in the fiscal year. The decrease in net position was due to an $11.0 million change in accounting principle as a result of implementing the new pension rules and a $10.8 million prior period adjustment to allocate a portion of the Limited Tax Pension Bonds to the Business-type Activities. The decrease in net position was offset by $6.1 million in operating income and $6.9 million in capital contributions. Significant issues regarding proprietary funds are as follows: Although the Ambulance Transport Fund had a positive change in net position as of June 30, 2015, the recognition of prior period pension costs and a share of the pension bonds generated a net deficit of $0.8 million. The Municipal Airport Fund reported a $2.4 million increase in grant revenues for capital projects. Other factors concerning the finances of proprietary funds can be found in the previous discussion of the City’s business-type activities. General Fund Budgetary Highlights The City’s final General Fund budget differs from the original budget in that it contains carry-forward appropriations for various programs and projects, and supplemental appropriations approved during FY 2015. As a result, the final fiscal year 2015 budget for the General Fund increased by $10.0 million. The primary reasons for this increase were as follows: $2.4 million in transfers for the City Hall project $2.0 million in program reappropriations $1.5 million in contractual obligations to vendors $1.1 million in infrastructure and system requirements $0.6 million for police personnel costs as result of union arbitration $0.5 million in transfers for capital preservation projects $1.9 million for one-time funding requests These changes were partially funded by increases of $0.8 million in intergovernmental revenues (grant funding) and $1.2 million in charges for services. The remaining funding of $8.0 million is from unspent resources from the prior fiscal year. The difference between the budget and actual FY15 results is recorded as an adjustment to budgeted FY16 Beginning Working Capital (BWC). The FY16 BWC adjustment is a decrease of $0.2 million. This means that the aggregated beginning resources for FY16 were overestimated by that amount when the budget was prepared in early 2015. 24