11.01 - End of Year Financial Report

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� City of Pequot Lakes --- 2011 YEAR END BUDGET HIGHLIGHTS The 2011 year end cash balances are as follows. General Fund Bobber Water Tower Fund Library Fund Library Building 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 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1,181,807.71 11,468.11 19, 773.33 61,288.83 2,312.01 42.08 38, 308.10 27,531.56 139,160.67 31, 715.48 169,438.33 216,895.51 29, 920.06 8,085.28 (50,804.45) 670,437.24 509,631.95 32,415.20 66, 315.58 3,165,742.58 The General Fund capital outlay and council contingency carryover monies remaining at year end total $362,699.32. 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 48% fund designation. At 2010 year end, the City was at 45% fund designation. 2011 General Fund cash balance $ 1,181,807.71 Capital Outlay/Council Contingency Carryover monies remaining (see attached) $ 362,699.32 Adjusted 2011 General Fund cash balance $ 819,108.39 2012 General Fund Budget $ 1,689,871.00 For 2011, the City received $27,532 less in levy settlements than anticipated. For 2011, the Generai Fund revenues exceeded expenditures by $287,196. The 2011 total interest earned for the above funds was $25,088. The 2010 total interest earned was $35,609. �