|
The remainder of fund balance is reserved to indicate that it is not available for new spending because it is non -spendable,
<br />restricted, or assigned to 1) Permanent Fund Principal ($113,656), 2) pay debt service ($3,320,322), 3) inventories ($373,871),
<br />4) law enforcement ($1,548,610), 5) library ($80,362), 6), Public Education ($916,251), 7) capital projects ($1,318,278); 8)
<br />Community Development ($517,953), 9) Prepaid Items ($234,383), and 10) Long -Term Receivables and Interfund Loans
<br />($1,087,241).
<br />Revenues
<br />Expenditures
<br />Deficiency of Revenues Over
<br />(Under) Expenditures
<br />Total Other Financing Sources (Uses)
<br />Net Change in Fund Balances
<br />Fund Balances -Beginning
<br />Restatement
<br />Fund Balances -Ending
<br />General Fund
<br />Governmental Funds
<br />Revenues, Expenditures, and Changes in
<br />Fund Balances
<br />2025 2024
<br />$ 42,906,533 $ 44,293,637
<br />7 40,517,883
<br />.�_...•___...m_47 709.�26w._... .........�_.......a_......w....
<br />(4,802,734) 3,775,754
<br />... ........._.. 4,28 8>7 18 m .. ..............
<br />(105,360)
<br />(514,016) 3,670,394
<br />38,273,466 34,388,754
<br />---------- ..... 214,318
<br />$ 37,759450 $ 38 273,466
<br />The General Fund is the chief operating fund of the City of Paris. At the end of the current fiscal year, unassigned fund balance
<br />of the general fund was $28,248,523 ($25,624,971 the previous year), while total fund balance reached $30,763,578
<br />($30,372,365 the previous year). As a measure of the general fund's liquidity, it may be useful to compare both unassigned
<br />fund balance and total fund balance to total fund expenditures. Unassigned fund balance represents 74.60% of total general
<br />fund expenditures, while total fund balance represents 81.25% of that same amount.
<br />The fund balance of the City of Paris' general fund increased by $391,213 during the current fiscal year. Key factors of this
<br />increase are as follows:
<br />• Total revenues decreased by $465,637, or 1.20%. The largest factor in this decrease was a reduction in
<br />intergovernmental revenues due to COVED funding received in the prior year.
<br />• Total expenditures increased by $1,806,608, or 5.01%. The largest factor in this increase was an increase in public
<br />safety expenditures.
<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 $1,146,151 ($3,449,712 overspent the previous
<br />year). This 3.12% variance was driven primarily by a large increase in EMS bad debt expense. General fund revenues were
<br />over budget by 10.91% or $3,777,377 ($7,570,855 last year). Higher than expected EMS billings, sales tax collections and
<br />other revenues account for most of the variance.
<br />Capital Projects Fund
<br />The Capital Projects Fund is funded by the General Fund and/or the Proprietary Fund on an as needed basis or by debt issue
<br />authorized by the City Council. As Proprietary Fund projects are completed in the Capital Projects Fund, they are transferred
<br />back to the Proprietary Fund. The fund balance in the Capital Projects Fund was $1,313,644 ($2,958,692 last year). This
<br />decrease was due to total expenditures exceeding interfund transfers and other revenues. Variances from year to year are
<br />common in this fund as projects are approved on a year-to-year basis by the City Council.
<br />10
<br />
|