FY 17 Annual Report

Business Type Activities Funds

2017

CITY OF SPENCER, IOWA

SANITARY SEWER RESERVE

FUND #625

FUND INFORMATION

This fund accounts for major pieces of equipment/capital projects for the Sewer Operations fund. The primary source of revenue for this fund is the transfer of surplus Sewer Operations revenue. Other minor sources of revenue include interest earned, and connection fees paid when a property connects to the collection system. The majority of the expenditures coming from this fund go towards the repair and replacement of the sewer collection system. The City is under an EPA mandate to separate the sanitary sewer system from the storm sewer system. This is a 20 year process and will be a multi-million dollar effort. While larger portions of that effort will be paid for by selling bonds, the City embarks on smaller sewer replacements on an annual basis. Future projects include the replacement of the sewer jet truck, sewer camera system and lift station rehabilitations. In FY17, transfers included funds for the FEMA-HGMP Sewer, 2016 Sewer Rehabilitation and 2017 Manhole projects. The fund balance on June 30, 2016 was $1,404,749.68, an increase of 21.82%. However, five-year projections show that this fund will decrease drastically as the City continues to perform upgrades to the sewer system and the other projects outlined in its five-year Capital Improvement Plan.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

CHARGES FOR SVCS USE OF MONEY MISCELLANEOUS OTHER FINANCING

-

-

-

-

- 315,291.00 324,316.80 9,025.80

4,000.00

10,916.76

272.92

- -

-

- -

368,325.85

TOTAL REVENUES

4,000.00

379,242.61

9,481.07

EXPENDITURES COMMODITIES CAPITAL OUTLAY

25,000.00 400,000.00

-

-

- - 163,025.59 163,025.59

11,564.00 116,100.72

2.89

TRANSFERS

-

-

425,000.00

127,664.72

30.04

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

251,577.89

1,153,171.79

379,242.61

127,664.72

1,404,749.68

BUSINESS TYPE ACTIVITIES