|
Governmental Funds
<br />Revenues, Expenditures, and
<br />Changes in Fund Balances
<br />2011 2010
<br />Revenues $ 23,848,441 $ 23,896,580
<br />Expenditures 25,838,176 25,815,341
<br />Excess (Deficiency) of Revenues
<br />Over (Under) Expenditures (1,989,735) (1,918,761)
<br />Total Other Financing Sources 764,881 4,067,139
<br />Net Increase (Decrease) in Fund Balances (1,224,854) 2,148,378
<br />Decrease in Inventory (15,414) (196)
<br />Fund Balances-Beginning 18,000,218 15,852,036
<br />Fund Balances-Ending $ 16,759,950 $ 18,000,218
<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 $12,156,169 ($11,376,619 the previous year), while total fund balance reached $12,355,688
<br />($11,591,551) the previous year). The increase in the fund balance of the general fund was due to increased receivables, cash,
<br />and cash equivalents. As a measure of the general fund's liquidity, it may be useful to compare both unassigned fund balance
<br />and total fund balance to total fund expenditures. Unassigned fund balance represents 57.15% of total general fund
<br />expenditures, while total fund balance represents 58.09% of that same amount.
<br />During the year, the City made budgeted transfers from the Water and Sewer Fund and Other Governmental Funds to the
<br />General Fund of $1,176,462 for administrative support and franchise fees and from the General Fund to the Capital Projects
<br />Fund of $4,807 to complete specific projects.
<br />Debt Service Fund
<br />The debt service fund has a total fund balance of $2,706,272 ($2,628,654 the previous year), all of which is reserved for the
<br />payment of debt service. The net increase in fund balance during the current year in the debt service fund was $77,618
<br />($1,916,084 increase the previous year). The increase was 2.95% and was due to excess revenues over expenditures. The
<br />government enacted a dedicated property tax for debt service at the beginning of the current fiscal year. This tax produced
<br />revenues of $1,483,577 in the current fiscal year ($1,418,025 the previous year).
<br />Proprietary Fund
<br />The City of Paris' proprietary fund provides the same type of information found in the government-wide financial statements,
<br />but in more detail.
<br />Unrestricted net assets of the Water and Sewer Fund at the end of the year amounted to $11,416,134 ($9,815,653 the previous
<br />year). This change was due to a decreased restriction for construction. Other factors concerning the finances of this fund have
<br />already been addressed in the discussion of the City of Paris' business-type activities.
<br />General Fund Budgetary Highlights
<br />The final appropriation of the general fund was under spent by $2,098,585 (under spent $6,287,760 the previous year).
<br />
|