FY 17 Annual Report

Restricted Cash Funds

2017

CITY OF SPENCER, IOWA

ACCRUED BENEFITS

FUND #093

FUND INFORMATION

The Accrued Benefits fund was created in FY17 for the purpose of setting funds aside to assist in the payout of accrued employee benefits upon retirement or resignation of employment with the City. Current policy is to delay hiring of a vacant position that was created due to an unforeseen or unbudgeted retirement or resignation. The delay of hiring allows the City to recoup the payout of accrued sick and vacation time due to the employee. This fund will allow the City to transfers funds needed to account for the payout of these benefits and allow the hiring process to begin quicker, allowing the department to return to full employment sooner. This fund will only apply to General Fund Departments, as such, in FY17, excess General Fund revenues were transferred to begin this fund.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

USE OF MONEY

- -

-

- -

- -

OTHER FINANCING

150,000.00

TOTAL REVENUES

-

150,000.00

-

-

EXPENDITURES TRANSFERS

-

-

-

-

-

-

-

-

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

150,000.00

-

150,000.00

-

150,000.00

RESTRICTED CASH