FY 17 Annual Report

General Fund Expenditures

2017

CITY OF SPENCER, IOWA

ADMINISTRATION - GENERAL GOVERNMENT

DEPARTMENT INFORMATION

The Administration - General Government budget accounts for any other general administration expense not attributable to any other function. Some of the expenses paid from this budget include the safety program, any general grant expenses and any miscellaneous expense that do not fall anywhere else in the budget. This budget also accounts for any general transfers out of the General Fund into other operating funds. For FY17, the transfers recorded in this budget were as follows: * $355,137 to FICA/IPERS Fund to cover the City's obligation for General Fund employees * $25,00 to Group Insurance to buy down the Employee Benefit Tax Levy

* $45,000 to Technology Reserves for anticiapted Managed Services Contract in FY18 * $154,578.84 to Road Use Tax as an overpayment of funds transferred during FY17 * $21,553.30 to Emergency Fund to decrease General Fund balance to 25% of FY18 expenditures * $25,000 to Economic Development to decrease General Fund balance to 25% of expenditures * $100,000 to Sidewalk Fund to decrease General Fund balacne to 25% of FY18 expenditures * $100,000 to QHI Fund for futrure grants and to decrease General Fund balance to 25% of expenditures * $150,000 to newly established Accreud Benefits fund and to decrease General Fund blance to 25% of FY18 expenditures * $63,000 to Capital Improvement Reserve to decrease General Fund balance to 25% of FY18 expenditures

FY18

FY18

The amount of transfers was above what was budgeted for due to an increase in General Fund Revenues versus budgeted and a decrease in expenditures versus what was budgeted. The General Fund ended the Fiscal Year with a surplus. The City's policy is to have at least 25% of the upcoming fiscal year's expenditures for the fund in reserve at all times. Any amount over and above this 25% goal is then transferred out to meet future obligations of other funds. For FY16, the General Fund ended with 34.24% of FY18 expenses in reserve.

CURRENT BUDGET

YEAR TO DATE

% OF

ACTUAL FY 2016

ACTUAL

BUDGET

CONTRACTUAL SVCS

10,800.00 60,000.00 494,100.00

11,000.00 39,639.48

101.85

11,464.00 10,238.93 1,040,902.50

COMMODITIES TRANSFERS

66.07

1,139,269.14

230.57

TOTAL GENERAL GOVERNMENT

1,062,605.43

564,900.00

1,189,908.62

210.64

GENERAL FUND