FY 17 Annual Report

Permanent Funds CITY OF SPENCER, IOWA

2017

GRIFFIN TRUST FUND

FUND #504

FUND INFORMATION

From the Will of M.E. Griffin: That M.E. Griffin died testate about December 27, 1925 and Item 6 of his will provided for a bequest of $20,000 to the City of Spencer with provisions that the "said City shall invest and keep invested said funds in interest bearing securities and the income therefrom shall be expended under the direction and control of the City Council of said City for purchase of holiday gifts and relief for the worthy and deserving poor children of the City of Spencer, Iowa, giving preference to children under fifteen years of age. Such distribution of gifts to be made annually at Christmas and New Years of each year." Additional Notes: Because of the condition of the M.E. Griffin estate, many of the cash bequests provided for under his will, including the bequest of $20,000 to the City of Spencer, were settled by transfer of real estate. The bequest of $20,000 to the City of Spencer was settled by transferring to the City some 485 acres of overflow land located in Clay County, and specifically described in the plaintiff's petition. The City subsequently sold the aforementioned real estate for $63,000, the amount being the original principal amount of the fund.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

USE OF MONEY MISCELLANEOUS

250.00

595.25

238.10

570.49 - 570.49

-

-

-

238.10

TOTAL REVENUES

250.00

595.25

EXPENDITURES CONTRACTUAL SVCS

750.00

570.06

-

555.15 555.15

750.00

570.06

76.01

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

63,378.62

595.25

570.06

63,403.81

25.19

PERMANENT FUND