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Preliminary 2013 Financial Update, 2015 Budget Outlook, and Emergency Grant Status Update
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Summary:
Preliminary 2013 Financial Update
The General Fund, along with the Public Safety Sales Tax (PSST) fund, the Trails, Open Space and Parks Fund (TOPS) and the Conservation Trust Fund (CTF) provide the majority of funding for traditional municipal services. This financial update focuses on those four funds. All figures are rounded for ease of discussion. In addition, the financial update provides preliminary results for the Municipal Enterprises, excluding Colorado Springs Utilities and Memorial Health System.
Based upon current pre-audited figures General Fund 2013 revenue totaled $236.2 million and 2013 General Fund expenditures totaled $242.7 million. Therefore, actual expenditures exceeded actual revenue by $6.5 million. Based upon these preliminary figures, we anticipate unrestricted fund balance as a percentage of the 2014 General Fund expenditure budget to be approximately 19% or $47.2 million; which is $15.2 million less than the GFOA recommended reserve balance of 25%. While there was a draw from fund balance of approximately $6.5 million, a total of $22.6 million in supplemental appropriations from fund balance were approved by City Council during 2013 (see Previous Council Action for details). The actual draw from fund balance was less than the budgeted amount as revenue exceeded budget and departments realized expenditure savings.
The PSST Fund is a critical source of funding for public safety. For 2013, the PSST Fund expenditures also exceeded actual revenue by $2.5 million, as a result, the 2013 PSST unrestricted fund balance decreased to $5.7 million or 19% of the 2014 PSST expenditure budget. This draw from fund balance was planned, as the fund has accumulated fund balance for a number of years in anticipation of the completion of Fire Station 21. Fire Station 21 was completed during 2013.
The Trails, Open Space, and Par...
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