FY 17 Annual Report

Permanent Funds CITY OF SPENCER, IOWA

2017

PERPETUAL CARE

FUND #500

FUND INFORMATION

The City owns and operates two cemeteries, Riverside Cemetery and North Lawn Cemetery. The City operates the cemeteries as a "Perpetual Care" cemetery as defined in Chapter 523I of the Code of Iowa. Pursuant to the State Code, the City is a "trustee" for the perpetual maintenance of the cemetery and is authorized to accept and generate funds for the cemetery's "perpetual trust fund." Perpetual care funds are to be invested under a prudent investor standard. The City has a fiduciary duty to make reasonable investment decisions and to properly oversee and manage the funds entrusted to the trust fund. Interest from the perpetual care fund is to be used for the maintenance of both occupied and unoccupied lots or spaces, with remaining interest used to costs of access roads and paths, fencing and general maintenance of the cemetery, This fund accounts for the perpetual care receipts for Riverside Cemetery. Perpetual Care for North Lawn is accounted for in a separate fund. Interest earned from this fund is directly receipted into the General Fund and used for Cemetery Operations.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

CHARGES FOR SERVICE

3,000.00

2,125.00

70.83

5,500.00 - 5,500.00

OTHER FINANCING

-

-

-

TOTAL REVENUES

3,000.00

2,125.00

70.83

EXPENDITURES COMMODITIES TRANSFERS

50.00

50.00

100.00

100.00 - 100.00

-

-

-

50.00

50.00

-

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

286,879.02

2,125.00

50.00

288,954.02

2,075.00

PERMANENT FUND