Page 13 - report FINAL 3.indd

12

General Fund Revenues By Source

Revised Variance Percent Budget Actual from Budget of Total Beginning Balance $45,001,134 $45,001,134 $- Revenues:

Income taxes 52,669,100 56,572,887 3,903,787 88.3% Intergovernmental revenues 757,650 1,806,764 1,049,114 2.8% Charges for services 785,000 1,264,617 479,617 2.0% Licenses, fnes and permits 1,597,675 2,816,234 1,218,559 4.4% Interest income 606,000 496,617 (109,383) 0.8% Miscellaneous 194,500 1,126,816 932,316 1.7%

Total Revenues 56,609,925 64,083,935 7,474,010 100.00%

Other Sources: Refunds and reimbursements 50,000 177,136 127,136 Transfers - - - Advances (1) - 230,000 230,000 Total Other Sources 50,000 407,136 357,136

Total Revenues and Other Sources 56,659,925 64,491,071 7,831,146

Advances to be Repaid (2) 2,391,097 2,391,097 -

Total Resources Available for Expenditure $104,052,156 $111,883,302 $7,831,146

Operating Revenue vs. Operating Expenditures | operating budget - in millions The City’s strong tax base and conservative budget

philosophy have resulted in operating revenues exceeding operating expenditures for many years. This has allowed the City to increase capital programming and take advantage of opportunities as they arise. Proactive measures implemented throughout the past few years, including evaluating alternative approaches for service delivery, closely evaluating the merits of personnel vacancies and continuing to monitor expenses, have allowed the City’s fnancial position to remain strong.

The City’s practice is to maintain a year-end General Fund balance equal to or greater than 50 percent of the General Fund expenditures, including operating transfers. This enables Dublin to be fexible and reprioritize projects as necessary. The level of the General Fund reserve is looked upon extremely favorably by the rating agencies and has been highlighted by both Moody’s Investors Service and Fitch Ratings as a rationale for the City’s Aaa/AAA bond rating, the highest rating available from both agencies. These ratings refect the cooperative eforts of private citizens, civic leaders, government ofcials and business representatives.

(1) Advances are not required to be budgeted.

(2) Advances will be repaid over a period of years, as service payments from Tax Increment Financing Districts are received and debt is issued for land acquired for economic development purposes.