FY 17 Annual Report

Restricted Cash Funds

2017

CITY OF SPENCER, IOWA

RENAISSANCE INITIATIVE

FUND #063

FUND INFORMATION When the Local Option Sales Tax was implemented, the City created the Renaissance Initiative grant program. The program was designed to annually support a variety of community projects and to encourage innovation in meeting the needs of a progressive community. The fund was envisioned where local groups could access extra dollars in order to design, plan and implement innovative projects or community activities not possible within the parameters of their annual budgets. The funding for the grant program comes form the City's Local Option Sales Tax receipts. Since the fall of 1999, the City has awarded over $537,000 for local projects and programs. Applications are accepted twice a year for funding consideration, once in the spring and again in the fall. A nine member committee reviews all applications received and makes recommendations for funding to the Spencer City Council. A listing of the grants paid in FY17 is on the next page.

CURRENT BUDGET

YEAR TO DATE

% OF

ACTUAL FY 2016

ACTUAL

BUDGET

REVENUES

USE OF MONEY

150.00

220.42

146.95 100.00

195.16 25,000.00 25,195.16

OTHER FINANCING

25,000.00

25,000.00

TOTAL REVENUES

25,150.00

25,220.42

100.28

EXPENDITURES CONTRACTUAL SVCS

25,000.00

12,189.23

48.76

- 19,289.72 19,289.72

TRANSFERS

-

-

-

25,000.00

12,189.23

48.76

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

13,031.19

27,655.33

25,220.42

12,189.23

40,686.52

RESTRICTED CASH