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Total expenses 96,447,091 35,868,508 132,315,599
<br />Increases in net assets before
<br />transfers 12,881,913 1,214,404 14,096,317
<br />Special items (6,407,819) (6,407,819)
<br />Transfers (60,033) 60,033
<br />Increase in net assets 6,414,061 1,274,437 7,688,498
<br />Net. assets - 1/1/02 48,872,341 130,350,548 179,222,889
<br />Net assets - 12/31/02 55,286,402 131,624,985 186,911,387
<br />Financial Analysis of the Governments' Funds
<br />As noted earli~~ ~e City of Soul} Bed uses fund acc~}}nti~to enure a~d~~monstrato .
<br />coin Nance wit mance- relate a requirements. 1~ o e„~n s of a ity can be divided
<br />into hree' categories: government ~unds, proprietary fun s an i uciary s.
<br />Governmental funds. The purpose of the City's governmental funds is to provide information
<br />on near-term inflows, outflows, and balances of spendable resources. Such information is useful
<br />in assessing the City's financing requirements. In particular, unreserved fund balance may serve
<br />as a useful measure of a government's net resources available for spending at the end of the fiscal
<br />year.
<br />At the end of the current fiscal year, the City's governmental funds reported a combined ending
<br />fund balance of $86,499,572. In the General Fund, the unreserved fund balance is $14,359,310.
<br />Individual fund data for each of the non-ma or governmental funds is provided in the form of the
<br />combining statements in the Supplemental 1nnformation portion.
<br />Proprietary funds. Enterprise funds are used to report the same functions resented as
<br />business-type activities in the government-wide financial statements. The C~ty maintains seven
<br />individual enterprise funds. The basic proprietary fund financial statements can be found on
<br />later on in this report.
<br />Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of
<br />parties outside the government. The basic fiduciary funds financial statements can be found on
<br />later on in this report
<br />General Fund Budgetary Highlights
<br />The City adopts an annual appropriated budget for its general fund. The final budget was.greater
<br />than the original budget by $428,248. An amended original budget can be explained by either an
<br />encumbrance rollover or a current year budget overrun. The general fund budget is reviewed
<br />throughout the year and revised as needed with the approval of the City Council. At the end of
<br />the fiscal year the actual expenditures are projected and the budget is amended to prevent any
<br />budget overruns. The City tries to maintain within its original budget by increasing categories
<br />that will exceed budget while decreasing other categories to cover these overruns. If this
<br />transferring will not cover these expenditures then the City must appropriate from its fund
<br />balance.
<br />The ma ority of the $428,248 variances are from prior year encumbrance that rolled over and
<br />were a~ded to the original budget.
<br />The actual revenues are $650,949 over budget and expenditures are $3,131,643 under budget.
<br />The ma'onty of $650 thousand can be explained by a.reimbursement from a revenue bond in
<br />which t~e ~ty up-fronted some costs for a major capital project while the. funding for the bond
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