FY 17 Annual Report

Restricted Cash Funds

2017

CITY OF SPENCER, IOWA

CAPITAL IMPROVEMENT RESERVES

FUND #053

FUND INFORMATION The City established the Capital Improvement Reserve as a way to set aside money for unbudgeted capital improvements or for those that fall outside of a department's normal improvement plan. The fund has been used to advance money to various projects to pay for portions that were assessed to adjoining property owners, with the annual repayment of the assessments being deposited back into the fund. Since FY15, the City transfers a portion of the Local Option Sales Tax designated for capital projects into this fund on a monthly basis. Money is then transferred to the appropriate departmental reserve accounts. Other projects funded out of the Fund include the new fence around the skate park. The Capital Improvement Reserves fund has advanced several Internal Loans for various City projects. A summary of the outstanding amounts due to the Capital Improvement Reserves can be found on the next page. In addition to project advances, the Fund also paid off assessments due to other funds and going forward all Special Assessment paid back will be deposited into the Capital Improvement Fund. In FY17, the City Transferred $100,00 for $200,00 for the Pederson Park Lighting project to the Capital Improvement Reserve fund.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

SPECIAL ASSESSMENTS

187,665.00

315,295.89 19,403.14

168.01 242.54

13,654.93 13,094.31 118,630.40

USE OF MONEY MISCELLANEOUS OTHER FINANCING

8,000.00

-

4,828.86

-

1,433,809.30 1,579,188.94

1,166,141.00

1,394,063.61

119.55

TOTAL REVENUES

1,361,806.00

1,733,591.50

127.30

EXPENDITURES COMMODITIES CAPITAL OUTLAY

-

7,500.00

-

175,090.00 1,036,000.00

175,090.31 1,251,074.53

100.00 120.76

TRANSFERS

1,051,002.55 1,058,502.55

1,211,090.00

1,426,164.84

117.76

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

1,578,313.91

1,733,591.50

1,426,164.84

1,885,740.57

307,426.66

RESTRICTED CASH