FY 17 Annual Report

Restricted Cash Funds

2017

CITY OF SPENCER, IOWA

LIBRARY RESERVES

FUND #045

FUND INFORMATION

This fund accounts for revenue and expenses related to maintaining and improving the Spencer Public Library. Revenues for this fund are primarily generated from unused operational funds. In FY17, the Library Reserves began receiving a direct allocation from Hotel-Motel Tax receipts to fund a Capital Improvement program for the Library. In the past, the Library did not have a direct source of funding for Capital projects. In FY17, the Library replaced heat pumps for the HVAC system, as well as making final payment on the LED lighting upgrade that was started in FY16. Other projects included commissioning a space study to investigate how to use current library space more efficiently and the replacement of the chairs used in the round room.

CURRENT BUDGET

YEAR TO DATE

% OF

ACTUAL FY 2016

ACTUAL

BUDGET

REVENUES

USE OF MONEY

500.00

865.84

173.17

1,058.99 - 1,058.99

OTHER FINANCING

25,000.00

25,000.00

-

TOTAL REVENUES

25,500.00

25,865.84

101.43

EXPENDITURES CAPITAL OUTLAY

60,000.00

21,263.00

- -

- 10,000.00 10,000.00

TRANSFERS

-

-

60,000.00

21,263.00

-

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

108,730.55

25,865.84

21,263.00

113,333.39

4,602.84

RESTRICTED CASH