2024 Annual Comprehensive Report

by the governing board or for other restricted purposes. The remainder of fund balance represents amounts committed 3.1%, assigned 29.0% and unassigned 7.6% funds. The General Fund is the chief operating fund of the City. At the end of the current fiscal year, total fund balance of the General Fund was $123.6 million. Of this amount, $2.7 million is non-spendable, $55.4 million is restricted, $8.4 million is assigned for appropriation in next year’s budget, $17.9 million is assigned for capital projects, $1.3 is assigned for ARPA enabled projects, and $38.0 million or 9% of the subsequent years’ budget is unassigned and retained for working capital purposes as well as unforeseen emergencies. General fund balance decreased by $3.0 million due primarily to increases in salaries and wages and funds expended for ARPA-enabled projects. The Debt Service Fund has a fund balance of $29.0 million, $15.2 million more than last year. The fund covered debt service expenditures (principal and interest) of approximately $37.2 million, amounting to approximately 9.6 cents of the general property tax rate. The total fund balance at June 30, 2024, less amounts restricted by state statue, is assigned for debt service in next year’s budget with the balance to be used to stabilize property tax rates from year to year for future increases in debt service amounts due to new voter-approved bonds, as well as to support the City’s fund balance goals. Revenues for general governmental functions (General, Special Revenue, Capital Project and Debt Service Funds) amounted to $471,509,167 for the fiscal year ended June 30, 2024 and are comprised of various sources as shown in the following graph:

Figure 5 Revenues by Source – Governmental Activities

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