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Governmental Funds
<br />Revenues, Expenditures, and Changes in
<br />Fund Balances
<br />2024 2023
<br />Revenues $ 44,293,637 $ 42,785,984 Expenditures 40,517,883 39,833,361
<br />Deficiency of Revenues Over
<br />(Under) Expenditures 3,775,754 2,952,623 Total Other Financing Sources (Uses) (105,360)
<br />284,093
<br />Net Change in Fund Balances
<br />Fund Balances -Beginning
<br />Restatement
<br />Fund Balances -Ending
<br />General Fund
<br />3,670,394
<br />34,388,754
<br />214,318
<br />3,236,716
<br />31,152,038
<br />38.273.466 $ 34.388.754
<br />The General Fund is the chief operating fund of the City of Paris. At the end of the current fiscal year, unassigned fund
<br />balance of the general fund was $25,624,971 ($26,253,936 the previous year), while total fund balance reached
<br />$30,372,365 ($27,329,955 the previous year). The increase in the fund balance of the general fund was primarily due
<br />to an improved cash position. As a measure of the general fund's liquidity, it may be useful to compare both
<br />unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance represents 63.24%
<br />of total general fund expenditures, while total fund balance represents 74.96% of that same amount.
<br />During the year, the City also made budgeted transfers from the Water and Sewer Fund to the General Fund for
<br />administrative support and payment of franchise fees. Transfers were made from the Water and Sewer Fund to the
<br />Debt Service Fund to make debt service payments.
<br />Other governmental funds (nonmajor) include the Permanent and Expendable Library Funds, Special Revenue Fund,
<br />Grant Fund, and the Community Development Fund. Only the General Fund had unassigned fund balance at the end of
<br />the year.
<br />Budget Analysis
<br />The City of Paris adopts an annual appropriated budget for its general fund and general fund types. Statement 6 combines these
<br />funds and provides a budget to actual comparison.
<br />The final appropriation of the general fund types in total was overspent by $3,449,712 ($3,659,375 overspent the
<br />previous year). This 10.57% variance was due to a large EMS bad debt expense. General fund type revenues were
<br />over budget by 24.19% or $7,570,855 ($7,663,988 last year). Higher than expected investment earnings,
<br />intergovernmental revenues, sales tax collections and grossing up EMS billings from a cash basis to an accrual basis
<br />account for the variance.
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