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Table 8. Callippe Preserve Golf Course Operating Fund — Amended Budget vs. Actual
<br /> FY 2017/18 FY 2017/18
<br /> Golf Operations Midyear Actual Variance Variance %
<br /> Beginning Balance. July 1 $71,672 $71,672 $0 0.0%
<br /> Revenues 4,020,731 3,774,140 (246,591) -6.1%
<br /> Expenses (3,713.551) (3,566,661) 146,890 -4.0%
<br /> Net 307,180 207,479 (99,701) -32.5%
<br /> Transfer Out-
<br /> Golf Replacement (201,037) (199,408) 1,629 -0.8%
<br /> General Fund Loan Repaymt (79,743) (79,743) 0 0.0%
<br /> Net Income $26,400 ($71,672) ($98,072) -371.5%
<br /> Ending Balance, June 30 $98,072 $0 ($98,072) -100.0%
<br /> Cemetery Fund
<br /> As shown in Table 9 below, the Cemetery Fund ended the year with a fund balance of
<br /> $200,081 which is $346,930 greater than anticipated in the Amended Budget due to
<br /> actual revenues exceeding budget by $74,693 and actual expenditures less than budget
<br /> by $272,237. The $272,237 surplus is primarily related to unexpended capital project
<br /> expenses5 that were carried-forward to FY 2018/19. The General Fund budget includes
<br /> a transfer-out of $45,000 to the Cemetery Fund.
<br /> Table 9.Cemetery Fund— Amended Budget vs. Actual
<br /> FY 2017/18 FY 2017118
<br /> Cemetery Operations Midyear Actual Variance Variance %
<br /> Beginning Balance, July 1 $465,089 $465,089 $0 0.0%
<br /> Revenues 216,180 290,873 74,693 34.6%
<br /> Expenses (873,119) (600,881) 272,237 -31.2%
<br /> Net (656,939) (310,008) 346,930 -52.8%
<br /> Transfer In -
<br /> General Fund subsidy 45,000 45,000 0 0.0%
<br /> Net Income ($611,939) ($265,008) $346.930 -56.7%
<br /> Ending Balance, June 30 ($146,849) $200,081 $346,930 -236.2%
<br /> Internal Service Funds
<br /> Internal Service Funds account for the financing of goods or services provided by a
<br /> department to other departments on a cost-reimbursement basis. Three examples of
<br /> this are the Retirees Medical Reserve Fund, the Repair and Replacement Fund and the
<br /> Self Insurance Fund. These funds not only account for current year expenditures but
<br /> also long term liabilities of the City. These liabilities may not result in actual
<br /> expenditures in the short term, but will result in future expenditures for the future
<br /> replacement of equipment or the payment in the future of employee retirement, medical
<br /> benefits and unused vacation. In accordance with the City's adopted financial policies
<br /> 5 The City allocated a total of$1 million to fund capital projects at the Pioneer Cemetery - $500,000 from
<br /> the City's General Fund and $500.000 from the Park Dedication Fee fund. The $1 million is a loan to the
<br /> Cemetery Fund that will be repaid over time as funds become available.
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