2025 Annual Comprehensive Report

Figure 4 Revenues by Source – Business-Type Activities

FINANCIAL ANALYSIS OF THE CITY’S FUNDS A. Governmental Funds

As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. As of June 30, 2025, governmental funds reported a combined fund balance of $411.2 million, an increase of approximately $96.5 million or 30.6% of the FY 2024 amount. The General Fund net results decreased fund balance by $13.0 million before restatement, due primarily to increases in personnel costs for salary alignment and filling vacant positions. Internal Service Funds are reported with the governmental activities in the Statement of Net Position. Overall operating expenditures (excluding debt service) increased approximately $43.7 million or 10.6%. General Government and Public Safety expenditures were up $10.3 million and $20.8 million respectfully, primarily due to increased personnel costs associated with merit and market adjustments. Debt service expenditures at $45.3 million are up $2.5 million from the previous year. The current year transfers out exceeded transfers in by $19.7 million to support other operations including transfers to support Coliseum, Solid Waste Management and Parking enterprise funds and Internal Service Funds. Fund balance of $274.1 million or 66.7% of the total amount is non-spendable or restricted to indicate that it is not available for spending due to GASB No. 54 classifications of (1) Non-Spendable which includes inventories, prepaid expenses, leases, perpetual maintenance or assets held for resale (2) Restricted which includes amounts to liquidate contracts and purchase orders of the previous year, adherence to Stabilization for State Statute, amounts bound by debt covenants and third party grantor requirements. The adherence to State Statute limits the amount that may be appropriated by the governing board or for other restricted purposes. The remainder of fund balance represents amounts committed 4.0%, assigned 21.1% and unassigned 8.3% funds.

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