Fund Balances Summary
Fund balance (reserves) is defined as the excess of assets over liabilities. It can also be viewed as the accumulation of all annual revenue surpluses (or shortages) over the life of the City. General Fund Reserves can generally be utilized more freely across the City when compared to reserves in other funds that can only be spent on that fund's purpose.
It should be noted that in every fund with the exception of the Water Fund, budgeted spending exceeds budgeted current revenues resulting in a 2022 use of fund balance reserves. 2021 was a year of unprecedented local growth with double digit sales tax increases over the previous year. Many projects in the 2021 budget were not completed due to various complications related to the COVID-19 pandemic as well as difficulty finding contractors. Thus, 2022 beginning fund balance is higher than normal and projects in the 2022 budget include rolled over projects from previous years resulting in an overal decrease in fund balance. The City is very dilligent about only spending fund balance reserves on one-time funding needs. The operating expenses included in the 2022 budget are deemed sustainable.
The table above summarizes anticipated fund balance for each fund maintained by the City. Throughout this budget document, you will find “live” interactive tables for each fund that may differ from this summary which estimates the beginning fund balance whereas the live tables in the fund sections show up-to-date actual data.