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General Fund - Operating Results and Fund Balances
<br /> The General Fund is the primary operating fund of the City which accounts for
<br /> most City services, including public safety, operations services, parks and
<br /> community services, library, community development, and general government.
<br /> For ACFR presentation purposes, the Rainy Day Fund is included in the General
<br /> Fund. The General Fund achieved positive financial results in FY 2021/2,
<br /> increasing the fund balance by $8.4 million (net surplus), as shown in the table
<br /> below.
<br /> Revenues $ 126,584,069 $ 136,489,838 $ 139,016,693 $ 2,526,855
<br /> Expenditures (115,390,177) (125,152,641) (120,540,275) (4,612,366)
<br /> Other Financing Sources(Uses):
<br /> Transfers in 1,290,641 949,780 899,497 (50,283)
<br /> Transfers out (6,023,592) (11,103,070) (10,946,694) (156,376)
<br /> Net Change in Fund Balance $ 6,460,941 $ 1,183,907 $ 8,429,221 $ 7,245,314
<br /> FY 2021/22 actual General Fund revenues of $139.0 million exceeded final budget
<br /> estimates by $2.5 million primarily due to increases in tax revenues (property tax,
<br /> sales tax, hotel tax, and business license tax), one-time development fees from
<br /> large development projects, and recreation revenues resulting from more
<br /> programming. Actual General Fund expenditures of $120.5 million were less than
<br /> the final budget estimates by $4.6 million primarily due to position vacancy
<br /> savings, lower than expected contract services, and savings from other operating
<br /> expenditures such as materials and supplies.
<br /> FY 2021/22 actual revenues were also higher than prior fiscal year revenues
<br /> mainly due to increases in property tax revenues ($2.5 million), sales tax revenues
<br /> ($2.7 million), hotel tax revenues ($1.7 million), and recreation fees ($2.3 million).
<br /> Sales tax experienced a 12.3 percent year-over-year increase due to increasing
<br /> tourism, rising energy prices, and increasing demand for vehicles and consumer
<br /> goods. This level of growth is not expected to continue into future years. As more
<br /> people dined out and traveled in FY 2021/22, hotel tax revenue experienced strong
<br /> growth resulting in a year-over-year increase of 84.0 percent. FY 2021/22
<br /> revenues also include $4.3 million in one-time American Rescue Plan Act (ARPA)
<br /> stimulus funds that were not available in the prior fiscal year. FY 2021/22 actual
<br /> expenditures and transfers out were $10.1 million higher than prior fiscal year.
<br /> The consolidated General Fund's fund balance increased by $8.4 million to $52.2
<br /> million at June 30, 2022, as showed below. Of this amount, $22.4 million is
<br /> unassigned, $17.6 million is restricted for the PARS Section 115 Pension Trust
<br /> Fund, $11.6 million is committed for the COVID Response and Recovery Program,
<br /> the Crisis Response Program, the Mobile Outreach Vehicle Program, and the
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