FY 17 Annual Report
Permanent Funds CITY OF SPENCER, IOWA
2017
NORTH LAWN PERPETUAL CARE
FUND #503
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 space, 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 North Lawn Cemetery. Perpetual Care for Riverside is accounted for in a separate fund.
CURRENT BUDGET
YEAR TO DATE
% OF
FY 2016 ACTUAL
ACTUAL
BUDGET
REVENUES
CHARGES FOR SVCS
500.00 275.00
-
-
700.00
USE OF MONEY
670.08
243.67
1,330.14 630.14
TOTAL REVENUES
775.00
670.08
86.46
EXPENDITURES CONTRACTUAL SVCS
-
-
-
-
-
-
-
-
TOTAL EXPENDITURES
Fund Balance
INCREASE / (DECREASE)
BALANCE
BALANCE
REVENUES
EXPENDITURES
JULY 1, 2016
JUNE 30, 2017
70,952.37
670.08
-
71,622.45
670.08
PERMANENT FUND
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