As of the end of the current fiscal year, the City’s governmental funds reported combined fund balances of $38,997,765, a decrease of $1,010,788 in comparison with the prior year. Of this amount, $20,452,048, or 52.4%, constitutes unreserved fund balance, which is available for spending at the City’s discretion. The remainder of fund balance is reserved for amounts that (a) are not available for spending or (b) are legally restricted for a specific purpose.
The General Fund is the chief operating fund of the City. At the end of the current fiscal year, unreserved fund balance of the General Fund was $7,477,418, while total fund balance amounted to $7,965,483. As a measure of the General Fund’s liquidity, it may be useful to compare both unreserved fund balance and total fund balance to total expenditures. Unreserved fund balance represents 12.7% of total expenditures, while total fund balance represents 13.5% of that same amount. The General Fund’s total fund balance decreased by $2,624,469 during the current fiscal year. This decrease resulted from decreased collections in business license taxes ($836,208 decrease from fiscal year 2009), lease revenue ($399,470 decrease from fiscal year 2009) and property taxes ($384,799 decrease from fiscal year 2009). These decreases can be directly attributable to the decline in spending and construction.
The Convention Center Fund has a total fund balance of $(808,736), a decrease of $577,149 from the prior year. The major portion of this decrease was due to an increase in transfers out ($1,107,350 increase from the prior year).
The Hospitality Fee Fund has a total fund balance of $455,920, an increase of $2,363,870 from the prior year. The major portion of this increase was due to increases in transfers in from other funds and a decrease in transfers out to other funds.
The Local Option Tourism Fee Fund has a total fund balance of $0 at June 30, 2010.
The Debt Service Fund has a total fund balance of $2,093,066, an increase of $1,208,902 from the prior year. The major portion of this increase was due to decreased debt service payments as well as increases in transfers in from other funds.
The Capital Improvements Fund’s total fund balance decreased by $3,417,812 to $16,483,151 at June 30, 2010. Of this total, $3,149,397 is reserved for tourism related expenditures, $554,738 is reserved for projects and $199,283 for other restricted purposes. City Council has designated $1,013,242 of unreserved fund balance for disaster recovery. The majority of the decrease in fund balance is due to decreases in transfers in from other funds and increases in transfers out to other funds.
The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail.
Unrestricted net assets of the Water and Sewer Fund at the end of the year amounted to $14,102.403. Total net assets decreased $118,319 from the prior year.
Unrestricted net assets of the Baseball Stadium Fund, Municipal Golf Course Fund and Solid Waste Management Fund at the end of the year amounted to $(1,025,324), $(839,355) and $(613,856), respectively. The increase in net assets in the Baseball Stadium Fund was $182,431. The decrease in net assets in the Municipal Golf Course Fund and the Solid Waste Management Fund was $777,833 and $66,630, respectively. The decrease in the Municipal Golf Course Fund was due to a decline in revenue for golfing activities. The decrease in the Solid Waste Management Fund was due to an increase in operating expenses and decreases in nonoperating revenues and transfers in from other funds.
General Fund Budgetary Highlights
The original budget was amended during the year. The resources available for appropriation were $2,851,848 below the final budgeted amounts. This decrease was primarily the result of a business license revenue shortfall of $2,145,735 and a property tax shortfall of $762,021. The actual charges to appropriations (expenditures) were $968,360 below the final budgeted amounts. This was the result of the City’s departments actual expenditures falling below the final budget by $126,708 and a subsequent change by City Council resulting in the reversal of budgeted transfers out.
Budget to actual comparisons for the General Fund can be found on page 68.