FY 17 Annual Report

Restricted Cash Funds

2017

CITY OF SPENCER, IOWA

PROPERTY INSURANCE

FUND #020

FUND INFORMATION

This fund accounts for the City's Property and Liability Insurance Premiums. Similar to the funds established for Group Health, each contributing fund pays their portion of the Insurance Premium into this fund and then the Property Insurance fund is responsible for the payment of the insurance premium. This was done to better account for the property tax levy the City utilizes for a portion of the Insurance premiums to ensure that all of that levy is utilized for insurance premiums. Before the creation of this fund, the levy and individual fund payments were deposited into the General Fund and paid out of there. Expenditures were less than budgeted because the City's renewal was cheaper than expected.

CURRENT BUDGET

YEAR TO DATE

% OF

FY 2016 ACTUAL

ACTUAL

BUDGET

REVENUES

REIMBURSEMENT PROPERTY TAXES USE OF MONEY

-

-

-

-

146,312.50 - 101,500.00 689.24

127,074.00

128,058.14 1,292.32 5,491.84 58,862.00

100.77 258.46

500.00

INTERGOVERNMENTAL

5,497.00 58,862.00

-

TRANSFERS

100.00

TOTAL REVENUES

191,933.00

193,704.30

100.92

248,501.74

EXPENDITURES

215,936.00

206,278.20

95.53

CONTRACTUAL SVCS

174,314.48 174,314.48

215,936.00

206,278.20

95.53

TOTAL EXPENDITURES

Fund Balance

INCREASE / (DECREASE)

BALANCE

BALANCE

REVENUES

EXPENDITURES

JULY 1, 2016

JUNE 30, 2017

128,688.21

193,704.30

206,278.20

116,114.31

(12,573.90)

RESTRICTED CASH