|
Civic center
<br />0
<br />0
<br />3,395,569
<br />3,460,137
<br />3,395,569
<br />3,460,137
<br />Building department
<br />0
<br />0
<br />,038,341
<br />1052,861
<br />1,038,341
<br />1,052,861
<br />Parking
<br />0
<br />0
<br />1,378,563
<br />1,451,385
<br />,378,563
<br />1,451,385
<br />Solid waste
<br />0
<br />0
<br />3,715,963
<br />3,775,137
<br />3,715,963
<br />3,775,137
<br />Golf course
<br />0
<br />0
<br />1,655,435
<br />1,706,537
<br />1,655,435
<br />1,706,537
<br />Total expenses
<br />96,447,091
<br />100,169,147
<br />35,868,508
<br />37,524,678
<br />132,315,599
<br />137,693,825
<br />Increases in net assets before
<br />transfers
<br />12,881,913
<br />17,415,042
<br />214,404
<br />(402,558)
<br />14,096,317
<br />17,012,484
<br />Special items
<br />(6,407,819)
<br />0
<br />0
<br />0
<br />(6,407,819)
<br />0
<br />Transfers
<br />(60,033)
<br />12,533
<br />60,033
<br />(12,533)
<br />0
<br />0
<br />Change in net assets
<br />6,414,061
<br />17,427,575
<br />1,274,437
<br />(415,091)
<br />7,688,498
<br />17,012,484
<br />Net assets - 1/1/03
<br />44,791,684
<br />51,205,745
<br />128,901,298
<br />130,175,735
<br />179,222,889
<br />181,381,480
<br />Net assets - 12/31/03
<br />51,205,745
<br />68,633,320
<br />130,175,735
<br />1297760,644
<br />186,911,387
<br />198,393,964
<br />Governmental Activities
<br />Property taxes increased by $9.4 million or 16 percent. This increase was due to major changes in
<br />property taxes. First, Indiana changed its method of property tax allocation to a market value for
<br />assessing property taxes. Second, a County wide reassessment along with major increases in delinquent
<br />taxes received had a favorable effect on this revenue. The City does not expect this type of increase in
<br />the future and views this as a one time increase. In the future the City anticipates minimal increases
<br />that would range from 2 to 5 percent of actual taxes collected.
<br />Business -type Activities
<br />Business -type activities had a decrease in changes of net assets of ($415,091) in 2003. The majority of
<br />the decrease is due to an income loss in the wastewater department. The wastewater department has
<br />invested in major capital upgrades without increases in rates. In 2003 new rates went into effect that
<br />will help reduce this deficit.
<br />Financial Analysis of the Governments' Funds
<br />As noted e lie the City of South Be d u es d acc ti to ensure and d ronst ate compliance with
<br />finance- re egal requireme ts. ALi1 o thhe and of e ity can be divide into t free categories:
<br />government tuns, proprietary funds and duciary funds.
<br />Governmental funds. The purpose of the City's governmental funds is to provide information on near -term
<br />inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City's
<br />financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government's
<br />net resources available for spending at the end of the fiscal year.
<br />At the end of the current fiscal year, the City's governmental funds reported a combined ending fund balance of
<br />$134,955,892, an increase of $48,456,320 in comparison to the prior year. Of this amount, $99,041,526 (73
<br />percent) is unreserved fund balance, which is available for spending at the City's discretion. The majority of
<br />this increase is for major capital projects that has been designated by the City Council in the subsequent years'
<br />expenditures.
<br />The general fund is the City's chief operating fund. At the end of the current fiscal year, unreserved fund
<br />balance of the general fund was $18,503,386, an increase of $4,144,076. This is primarily due to the increase
<br />in property taxes that were received. The factors concerning these increases have already been addressed
<br />earlier in this discussion.
<br />0
<br />
|