FY 17 Annual Report

Restricted Cash Funds

2017

CITY OF SPENCER, IOWA

STORM SEWER RESERVE

FUND #080

FUND INFORMATION

The Storm Sewer Reserve fund was established to account for revenues and expenditures related to improvements to the City's storm sewer system. Primary revenue for the fund is a transfer of funds from the Sanitary Sewer Operations fund. The Fund has also advanced money to cover costs for storm sewer improvements that were specially assessed to adjacent property owners. The special assessment payments are receipted into the fund when received. The primary expenditures coming from this fund are transfers to the Capital Projects funds to be disbursed through specific projects. In FY17, the fund transferred money to the Capital Projects fund to cover costs associated with the 4th Ave North Drainage, South Spencer Drainage and 2017 Intake Projects. As the City continues to separate the storm sewer system from the sanitary sewer system, pressure for additional revenue streams into the fund will mount. Staff will be looking at alternatives to increase funding dedicated to storm sewer projects in the coming fiscal year as the scheduled transfers from the sanitary sewer fund are set to expire at the end of FY17. Beginning in FY18, with no new source of funding identified, the fund will no longer have a dedicated revenue stream.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

USE OF MONEY MISCELLANEOUS OTHER FINANCING

4,000.00

10,507.61

262.69

9,627.97 -

- -

-

- -

273,000.00

100,000.00

7,087.69

TOTAL REVENUES

4,000.00

283,507.61

109,627.97

EXPENDITURES COMMODITIES CAPITAL OUTLAY

- - -

- -

- - -

- -

69,217.37 69,217.37

TRANSFERS

4,172.10

-

4,172.10

-

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2015

JUNE 30, 2016

279,335.51

1,098,219.83

283,507.61

4,172.10

1,377,555.34

RESTRICTED CASH