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City of <br /> Pequoti <br /> Lakes <br /> 2007 YEAR END BUDGET REPORT HIGHLIGHTS <br /> The 2007 year end fund balances are as follows. <br /> General Fund $ 763,910.22 <br /> Park Fund $ 34,011.15 <br /> Bobber Water Tower Fund $ 11,196.28 <br /> Library Fund $ 105,761.94 <br /> Community Policing Fund $ (739.88) <br /> Forfeiture (Alcohol Fund) $ 349.06 <br /> Forfeiture(Non-Alcohol) Fund $ 706.59 <br /> Park Dedication Fund $ 26,062.27 <br /> Cemetery Fund $ 20,189.02 <br /> Fire Fund $ 39,883.90 <br /> Business Park Fund $ 255,863.23 <br /> Highway 371 Fund $ 125,796.68 <br /> Water Fund $ 531,422.73 <br /> Sewer Fund $ 208,703.53 <br /> WAC Fund $ 20,266.63 <br /> SAC Fund $ 23,239.96 <br /> Storm Sewer Fund $ 136,717.29 <br /> TOTAL $ 2,303,340.60 <br /> The 2007 total interest earned for the above funds was$76,619.04. The 2006 total interest earned was <br /> $60,302.17. <br /> The capital outlay and council contigency carryover monies remaining at year end total$121,817.68. <br /> The City's Accounting and Reporting Policy states, "The City will designate a fund balance of up to 50% of the <br /> following year's general fund budget for cash flow purposes". As you can see in the following breakdown, the <br /> City is at 37%fund designation. <br /> 2007 General Fund Balance $ 763,910.22 <br /> Capital Outlay/Council Contigency Carryover monies remaining (see attached) $ (121,817.68) <br /> Adjusted 2007 General Fund Balance $ 642,092.54 <br /> 2008 General Fund Budget $ 1,729,840.00 <br /> At 2006 year end, the City was also at 37%fund designation. <br /> For 2007, the general fund net revenues over expenditures was$86,813.82. <br />