FY 17 Annual Report

Special Revenue Funds

2017

CITY OF SPENCER, IOWA

LOCAL OPTIONS SALES TAX

FUND #124

FUND INFORMATION

In November 2008, residents of the City of Spencer were asked to impose a 1% local sales and service tax on all eligible purchased made within the City of Spencer. The tax was approved and became effective January 1, 1999. According to the ballot language that was adopted, the revenue generated by the 1% tax has to be spent as follows: * Fifty percent (50%) shall be used for funding of capital improvements as determined by the City Council; * Fifteen percent (15%) shall be used for economic and community development as determined by the City Council; * Ten percent (10%) shall be allocated to the Clay County Fair Association to be used for capital improvements; * Twenty-five percent (25%) shall be allocated to the Spencer Community Schools District for capital improvements. Through June 30, 2017, the sales tax has generated $28,921,187 within the City of Spencer. Based on the above distribution, the following amounts have been generated for each purpose: City Capital Improvements 14,460,594 Community /Economic Development 4,338,178 Clay County Fair Association 2,892,119 Spencer School District 7,230,297

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

TAXES

2,026,210.00

2,132,055.22

105.22 694.15

2,013,036.51

764.76

USE OF MONEY MISCELLANEOUS OTHER FINANCING

150.00

1,041.22 3,250.00

- -

- -

- 2,013,801.27

-

TOTAL REVENUES

2,026,360.00

2,136,346.44

105.43

EXPENDITURES CONTRACTUAL SVCS

890,935.00 1,135,274.00

867,052.35 1,141,027.61

97.32

900,140.48 1,109,018.30 2,009,158.78

TRANSFERS

100.51

2,026,209.00

2,008,079.96

99.11

TOTAL EXPENDITURES

Fund Balance

(DECREASE) INCREASE /

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

128,266.48

50,216.82

2,136,346.44

2,008,079.96

178,483.30

SPECIAL REVENUE