2003 Comprehensive Annual Financial Report

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Individual fiznd data for each of the non -major governmental funds is provided in the form of the combining statements in the Supplemental Information portion. Proprietary funds. Enterprise funds are used to report the same functions presented as business -type activities in the government -wide financial statements. The City maintains seven individual enterprise funds. The basic proprietary fund financial statements can be found later in this report. Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. The basic fiduciary funds financial statements can be found later in this report. General Fund Budgetary Highlights The City adopts an annual appropriated budget for its general fund. The final budget was greater than the original budget by $2,902,125. An amended original budget can be explained by either an encumbrance rollover or a current year budget overrun. The general fund budget is reviewed throughout the year and revised as needed with the approval of the City Council. At the end of the fiscal year the actual expenditures are projected and the budget is amended to prevent any budget overruns. The City tries to maintain within its original budget by increasing categories that will exceed budget while decreasing other categories to cover these overruns. If this transferring will not cover these expenditures then the City must appropriate from its fund balance. The majority of the $2,902,125, $2 million, was to amend the original budget to account for the transfer of funds to the health insurance fund to help alleviate increased costs. The remainder were prior year encumbrances that rolled over and were added to the original budget. The actual revenues are $3,319,756 over budget and expenditures are $2,235,497 under budget. The majority of $3 million can be explained by the increase in property taxes and the inclusion of new source of revenue, gaming proceeds. The underspending of the expenditures can be partially attributed to the fact that the City budgets at full staff and not all positions were filled in 2003. Also, overtime in public safety was down due to personnel being at full staff. In all, this saving provides evidence that the City's budget has been prepared on a conservative basis and has provided adequate resources to fund services provided. All cities have limited resources and, thus, limited numbers of programs and services that can be provided. We are proud to say that we have done well in terms of maintaining a solid, financially sound organization by spending within our means. Capital Asset and Debt Administration Capital assets. The City's investment in capital assets for its governmental and business type activities at December 31, 2003 amounts to $254,013,839 (net of accumulated depreciation). This investment in capital assets includes land, buildings, roads, improvements, service lines, automobiles and equipment, and street li hts. A detailed note of these capital assets can be found in the Notes to the Basic Financial Statements (Note IIY C). Major capital asset additions during the current fiscal year include the following: - Construction of new Park at cost of $1.8 million. - Major road renovation at $3.1 million. - New police vehicles added to fleet at a cost of $995 thousand. - South side sanitary sewer extension at a cost of $820 thousand.. Upgrade to water wells at a cost of $525 thousand 10