Agenda Packet 12-9-19 Meeting - Laserfiche WebLink

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Fund-based Financial Analysis As previously discussed, the City uses fund accounting to demonstrate transparency and ensure compliance with finance- related legal requirements. Governmental funds. The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s requirements for funding day-to-day operations. Significant issues regarding the governmental funds are listed below. As of the end of the fiscal year, the City’s governmental funds reported a combined ending fund balance of $238.6 million, an increase of $62.5 million from the prior year. $2.9 million of the fund balance is nonspendable because it consists of the prepaid expenditures and inventories. The remaining $235.7 million of fund balance was classified as follows. $103.2 million was restricted due to external limits on how the resources may be used. $17.6 million was committed as a result of specific constraints placed on the use of the resources per City ordinance. $82.9 million was assigned per City Council’s intent to use these resources for a specific purpose: unappropriated ending fund balance, balancing the next year’s budget, and uncompleted capital projects are the primary components. $32.0 million was unassigned and is available to be used at the government’s discretion, subject to fund limitations. The fund balance of the City’s General Fund increased $0.1 million from $64.9 million to $65.0 million during the current fiscal year. The fund balance in the Community Development Fund decreased $1.0 million from $4.1 million to $3.1 million during the fiscal year. The fund balance in the General Capital Projects Fund increased $35.0 million from $20.3 million to $55.3 million during the fiscal year. The fund balance in the Systems Development Capital Projects Fund increased $4.9 million from $31.4 million to $36.3 million during the fiscal year. The increase was primarily due to the accumulation of resources for future park developments and transportation projects. Proprietary funds. The City’s proprietary fund statements provide the same type of information found in the government-wide financial statements, but in more detail. Unrestricted net position of each proprietary fund are as follows: Unrestricted Fund Name Net Position Ambulance Transport $ (7.6) million Municipal Airport (1.0) million Parking Services (1.1) million Stormwater Utility 4.8 million Wastewater Utility (8.8) million Total business-type net position (excluding the consolidation of internal service fund activities) decreased $3.2 million in the fiscal year with the significant changes highlighted by fund below. The Ambulance Transport Fund’s net position had a small increase of $0.2 million. A transfer from the General Fund of $1.4 million helped the fund cover increased operating costs in FY19. The Municipal Airport Fund experienced a $1.1 million decrease in net position. The most significant changes were the fund’s capital contributions decrease of $4.1 million from FY18 to FY19 and a transfers out increase of $1.5 million to pay for equipment maintained in the Fleet Fund. The Parking Services Fund’s net position decreased $0.9 million primarily due to expenses outpacing revenues in the current year. The Stormwater Utility Fund’s net position increased $0.9 million. Increases in interest revenue of $0.2 million and capital contributions of $0.4 million were the primary factors. 20 December 9, 2019, Meeting - Item 2CCC Agenda - Page 64