FY 17 Annual Report

Special Revenue Funds

2017

CITY OF SPENCER, IOWA

UNEMPLOYMMENT INSURANCE

FUND #114

FUND INFORMATION

This fund accounts for the City's share of Unemployment Insurance. This fund is one of seven separate employee benefits funds created by the City to account for certain employee benefits. Legal authority for the fund is established by two sections of the Iowa Code. Iowa State Code chapter 386.61 provides authority for municipalities to establish a fund for the purpose of "accounting for pension and related employee benefit funds as provided by the City Finance Committee," while also providing the authority to levy a tax in the amount necessary to meet these obligations. Chapter 545.4 of the Administrative Code of Iowa provides the City Finance Committee's definition of eligible benefits and how they must be accounted for. Unlike some employers, the City is on a reimbursement basis for unemployment claims, meaning the City only pays if we have an unemployment claim filed against our account. The City levies property taxes to cover the unemployment contributions anticipated each year. For FY17, the levy to pay for Unemployment Insurance was $0.06509 / $1,000 of valuation. This was a decrease over the FY16 levy of $0.06834, a decrease of $0.00325 / $1,000 of valuation. The fund balance increased $17,509.56 due to revenues coming in over claims for unemployment expenditures.

CURRENT BUDGET

YEAR TO DATE

% OF

ACTUAL FY 2016

ACTUAL

BUDGET

REVENUES

TAXES

30,000.00 1,298.00

32,011.10 1,376.08

106.70 106.02

30,805.56

INTERGOVERNMENTAL

- -

OTHER FINANCING

-

-

-

106.68

TOTAL REVENUES

31,298.00

33,387.18

30,805.56

EXPENDITURES EMPLOYEE BENEFITS CONTRACTUAL SVCS

-

15,877.62

- -

9,894.88 17,628.97 9,894.88

30,000.00

-

30,000.00

15,877.62

52.93

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

17,509.56

15,973.85

33,387.18

15,877.62

33,483.41

SPECIAL REVENUE