11.01 - End of Year Financial Report (2009)

Home Browse Search

City of Pequot Lakes 2009 YEAR END BUDGET HIGHLIGHTS The 2009 year end fund balances are as follows. General Fund $ 848,289.48 Park Fund $ 5,377.73 Bobber Water Tower Fund $ 11,685.89 Library Fund $ 28,226.49 Library Building Fund $ 59,789.46 Community Policing Fund $ 42,444.23 Forfeiture (Alcohol) Fund $ 2,205.06 Forfeiture (Non - Alcohol) Fund $ 59.55 Park Dedication Fund $ 45,511.84 Cemetery Fund $ 24,063.52 Fire Fund $ 89,477.89 Business Park Fund $ 88,751.77 Highway 371 Fund $ 179,763.19 Water Fund $ 589,123.38 Sewer Fund $ 291,101.69 WAC Fund $ 27,626.82 SAC Fund $ 64,748.19 Storm Water Mgmt Fund $ 361.36 TOTAL $ 2,398,607.54 The General Fund capital outlay and council contingency carryover monies remaining at year end total $126,117.49. The City's Accounting and Reporting Policy states, "The City will designate a fund balance of up to 50% of the following year's General Fund budget for cash flow purposes ". As you can see in the following breakdown, the City is at 43% fund designation. At 2008 year end, the City was at 37% fund designation. 2009 General Fund cash balance $ 848,289.48 Capital Outlay /Council Contingency Carryover monies remaining (see attached) $ 126,117.49 Adjusted 2009 General Fund cash balance $ 722,171.99 2010 General Fund Budget $ 1,679,170.00 For 2009, the City received $27,980 less in levy settlements than anticipated; however, the City received $35,636 more in LGA than anticipated. For 2009, the General Fund expenditures exceeded revenues by $110,221. This was due to the additional road projects completed in 2009. The 2009 total interest earned for the above funds was $41,019. The 2008 total interest earned was $60,308.