10.01 - Year-End Financial Report

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City of Pequot Lakes - 2012 YEAR END BUDGET HIGHLIGHTS The 2012 year end cash balances are as follows. General Fund Bobber Water Tower Fund Library Fund Forfeiture (Alcohol) Fund Forfeiture (Non-Alcohol) Fund Park Dedication Fund Cemetery Fund Fire Fund G O Equip Cert 2010A Fund Business Park Fund Highway 371 Fund TIF 1-7 Babinski TIF 1-9 Lime Greenery TIF 1-13 Lonesome Cottage Water Fund Sewer Fund WAC Fund SAC Fund TOTAL $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1,178,517.16 11,246.96 104,133.43 6,296.53 42.38 43, 382.44 27,335.09 140,210.92 31,217.65 304,323.18 229,987.52 31,305.70 7,628.96 (48,918.65) 495, 582.75 615,018.21 31,311.57 65,496.96 3,274,118.76 The General Fund capital outlay and council contingency carryover monies remaining at year end total $241,361.91. The City's Accounting and Reporting Policy states, "The City will commit fund balance in the general fund of up to 50% of the following year's general fund budgeted expeditures for cash flow purposes". As you can see in the following breakdown, the City is at 56% fund designation. At 2011 year end, the City was at 48% fund designation. 2012 General Fund cash balance $ 1,178,517.16 Capital Outlay/Council Contingency Carryover monies remaining (see attached) $ 241,361.91 Adjusted 2012 General Fund cash balance $ 937,155.25 2013 General Fund Budget $ 1,681,369.00 For 2012, the City received $26,075 more in levy settlements than anticipated. For 2012, the General Fund expenditures exceeded revenues by $40,241. The 2012 total interest earned for the above funds was $24,674. The 2011 total interest earned was $25,088.