|
Governmental Funds
<br />Revenues, Expenditures, and
<br />Changes in Fund Balances
<br />2011 2012
<br />Revenues $ 23,848,441 $ 24,146,255
<br />Expenditures 25,838,176 26,550,168
<br />Excess (Deficiency) of Revenues
<br />Over (Under) Expenditures (1,989,735) (2,403,913)
<br />Total Other Financing Sources 764,881 3,486,508
<br />Net Increase (Decrease) in Fund Balances (1,224,854) 1,082,595
<br />(Decrease) Increase in Inventory (15,414) 18,599
<br />Fund Balances - Beginning 18,000,218 16,759,950
<br />Fund Balances - Ending $ 16,759,950 $ 17,861,144
<br />General Fund
<br />The general fund is the chief operating fund of the City of Paris. At the end of the current fiscal year,
<br />unassigned fund balance of the general fund was $11,764,593 ($12,156,169 the previous year), while totai
<br />fund balance reached $11,982,710 ($12,355,688 the previous year). The decrease in the fund balance of the
<br />general fund was due to increased payables and decreased cash and investments. As a measure of the general
<br />fund's liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total
<br />fund expenditures. Unassigned fund balance represents 52.35% of total general fund expenditures, while total
<br />fund balance represents 5332% of that same amount.
<br />During the year, the City made budgeted transfers from the water and sewer fund to the general fund for
<br />administrative support and franchise fees and from the general fund to the capital projects fund to complete
<br />specific projects.
<br />Other governmental funds include the permanent and expendable library funds, grant fund, health department,
<br />and the community development fund. Other than the general fund, no governmental fund had unassigned
<br />fund balance at the end of the year.
<br />The final appropriation of the general fund was under spent by $921,577 ($2,098,585 under spent the
<br />previous year). This 3.93% variance was spread out among all departments and is mainly due to forecasting
<br />errors. General fund revenues were under budget by $226,770 (1.05%). Shortfalls in property taxes, franchise
<br />taxes, and interest earned were the primary reasons for this difference.
<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. As
<br />proprietary fund projects are completed in the capital projects fund, they are transferred back to the
<br />proprietary fund. The fund balance in the capital projects fund was $1,999,980 ($720,115 last year).
<br />Variances from year to year are common in this fund as projects are approved on a year to year basis by the
<br />City CounciL
<br />Debt Service Fund
<br />The debt service fund has a total fund balance of $2,797,611 ($2,706,272 the previous year), all of which is
<br />reserved for the payment of debt service. The net increase in fund balance during the current year in the debt
<br />service fund was $91,339 ($77,68R increase the previous year). The increase was 3.37% and was due to
<br />excess revenues over expenditures. The government enacted a dedicated property tax for debt service at the
<br />beginning of the cunent fiscal year. This tax produced revenues of $1,583,842 in the current fiscal year
<br />($1,483,577 the previous year).
<br />
|