09.01 - 2008 Year End Budget - Laserfiche WebLink

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City of Pequot Lakes = -- 2008 YEAR END BUDGET REPORT HIGHLIGHTS The 2008 year end fund balances are as follows. General Fund $ 982,959.12 Park Fund $ 17,679.15 Bobber Water Tower Fund $ 11,475.22 Library Fund $ 120,251.89 Library Building Fund $ 10,275.00 Community Policing Fund $ 9,295.20 Forfeiture(Alcohol) Fund $ 2,313.86 Forfeiture (Non-Alcohol) Fund $ (160.97) Park Dedication Fund $ 50,183.44 Cemetery Fund $ 23,562.12 Fire Fund $ 53,028.13 Business Park Debt Service Fund $ 28,351.10 Business Park Fund $ 304,866.69 Highway 371 Fund $ 153,467.21 Water Fund $ 561,112.36 Sewer Fund $ 262,803.54 WAC Fund $ 24,496.19 SAC Fund $ 55,375.46 Storm Water Mgmt Fund $ 139,189.29 TOTAL $ 2,810,524.00 The 2008 total interest earned for the above funds was$60,307.66. The 2007 total interest earned was $76,619.04. The capital outlay and council contigency carryover monies remaining at year end total$336,110.43. 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 37%fund designation. 2008 General Fund Balance $ 982,959.12 Capital Outlay/Council Contingency Carryover monies remaining (see attached) $ 336,110.43 Adjusted 2008 General Fund Balance $ 646,848.69 2009 General Fund Budget $ 1,757,450.00 At 2007 year end, the City was also at 37% fund designation. For 2008, the general fund net revenues over expenditures was$219,428.32. This is due to monies not expended from the Roads&Streets capital outlay budget for the South Oak Street project.