The Art in Public Places Fund is a capital project fund established to account for the receipt and disbursement of developer paid impact fees restricted for the purpose of providing art and cultural activities. By law, these funds may only be used for specific items related to the impact of new development and the related demands placed on the City’s services.

Revenues and other sources for the Art Impact Fund total $931,889. This amount includes an available estimated beginning balance of $927,253. This is an increase of $119,380 or 14.7% from the fiscal year 2022 adopted budget of $812,509.

Excluding the beginning fund balance, recurring revenues are proposed to total $4,636. This an increase of $4,636 or 100% from the fiscal year 2022 adopted budget of $0.

It is important to note that amended, adopted, and proposed budget numbers include Beginning Fund Balance amounts, while actual and estimated actual do not. In accordance with Generally Accepted Accounting Principles, actual amounts reflect only revenues recognized each year. Beginning Fund Balance represents resources received and recognized in prior years as revenue but are available for appropriation in future years.

Expenditures for the Art Impact Fund total $931,889. This amount includes an estimated ending reserves balance of $931,889. Fiscal year 2023 proposed expenditures and other uses are balanced with the total proposed revenues and other sources.

It is important to note that amended, adopted, and proposed budget numbers include Reserves, while actual and estimated actual do not. In accordance with Generally Accepted Accounting Principles, actual amounts reflect only expenditures recognized each year. Reserves represent funds that are held for restricted purposes or may be reallocated for specific purposes throughout the fiscal year.