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Building departanent
<br />0
<br />0
<br />1,134,986
<br />1,047,007
<br />1,134,986
<br />1,047,007
<br />Parking
<br />0
<br />0
<br />1,739,235
<br />1,165,502
<br />1,739,235
<br />1,165,502
<br />Solid waste
<br />0
<br />0
<br />4,015,831
<br />4,920,464
<br />4,015,831
<br />4,920,464
<br />Golf course
<br />0
<br />0
<br />1,778,107
<br />1,736,939
<br />1,778,107
<br />1,736,939
<br />Total expenses
<br />111,282,406
<br />133,791,075
<br />40,661,073
<br />43,248,197
<br />151,943,479
<br />177,039,272
<br />Changes in net assets before
<br />transfers
<br />261,928
<br />(1,855,404)
<br />(2,483,378)
<br />(1,984,481)
<br />(2,221,450)
<br />(3,839,885)
<br />Transfers
<br />14,873
<br />33,589
<br />(14,873)
<br />(33,589)
<br />0
<br />0
<br />Change in net assets
<br />276,801
<br />(1,821,815)
<br />(2,498,251)
<br />(2,018,070)
<br />(2,221,450)
<br />(3,839,885)
<br />Beginning net assets (restated)
<br />70,418,177
<br />70,694,978
<br />126,044,565
<br />123,546,314
<br />196,462,742
<br />194,241,292
<br />Ending net assets
<br />70,694,978
<br />68,873,163
<br />123,546,314
<br />121,528,244
<br />194,241,292
<br />190,401,407
<br />Governmental Activities
<br />Oove=entel activities net assets decreased bey $(1.8) million. Part of this decrease is due
<br />to revenues increasing by 20.3 million or 18.3 /o. Conversely, expenses increased by $22.5
<br />million or 20.2 %. The majority of the revenue increase is due the increase in property
<br />taxes and on one time revenue distribution. The increases in expenses are due to public
<br />safety personnel increases along with conservative increase in capital investments related
<br />to parks, streets and infrastructure. Also, the City experienced increased costs related to
<br />insurance costs.
<br />Business -type Activities
<br />Business -type activities had a decrease in changes of net assets of ($2) million in 2005.
<br />The majority of the decrease is due to an income loss in the Wastewater and the
<br />Waterworks departments. The Wastewater department has needed to invest in major
<br />ca ital upgrades to both their facility and infrastructure. In 2006 new rates will go into
<br />effect that will help reduce the operational deficit as well as invest in the needed capital for
<br />both Water Works as well as Wastewater.
<br />Financial Analysis of the Governments' Funds
<br />As noted earlip. , t e City of South Beld uses fund acco nti to ensure a d dCmonstrate
<br />cpni8lt� ce wtt�i tnance- yelated ega requirements. . o t ie funds o t ie . rty can, be
<br />diva e into three categories: government tun s, proprietary rids and ucrary fun s.
<br />Governmental funds. The purpose of the City's governmental funds is to provide
<br />information on near -term inflows, outflows, and balances of spendable resources. Such
<br />information is useful in assessing the City's financing requirements. In particular, unreserved
<br />fund balance may serve as a useful measure of a government's net resources available for
<br />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
<br />ending fund balance of $122,001,560. Of this amount, $72,921,470 (60 percent) is unreserved
<br />fund balance, which is available for spending at the City's discretion. The mgjjority of this
<br />unreserved fund balance is for major capital projects that have been designated by the City
<br />Council in the subsequent year's expenditures. The remainder of the fund balance is reserved
<br />and is not available for new spending because it has already been dedicated for various
<br />commitments.
<br />The general fund is the City's chief operating fund. At the end of the current fiscal year,
<br />unreserved fund balance of the general fund was $18,162,422, a decrease of $1,493,602. This
<br />is primarily due to higher expenditures combined with lower revenues on general funds.
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