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06-02-03
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06-02-03
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4/5/2004 2:45:41 PM
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City Council
City Council - Type
CC Packets
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4/5/2004
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<br />MAY-23-2003 15:14 <br /> <br />763 569 5799 <br /> <br />763 569 5799 <br /> <br />P.08/19 <br /> <br />FINANCIAL ANALYSIS (Continued) <br /> <br />Governmental Funds <br /> <br />The City's accounting structure consists of both governmental and enterprise fund types. For <br />governmental funds, the measurement focus is on the detennination of financial position and <br />changes in financial position, rather than on net income determination. For Hastings, <br />governmental funds include the Genera], Special Revenue, Debt Service, and Capital Projects <br />funds. The combined statement of revenues, expenditures and changes in fund balance in the <br />City's Comprehensive Annual Financial Report details all governmental fund operations <br />for 2002. <br /> <br />Revenues: <br /> <br />For 2002, 71010 of total governmental fund revenues were received from property tax, special <br />assessment, and intergovernmental sources, as compared to 65% in 2001. The City's overall <br />property tax revenue increase over 2001 was 24.6%. Total property tax revenue has risen from <br />approximately $5.0 minion in 1998 to $6.3 nùllion in 2002, while the other major sources have <br />fluctuated based on changes in activity levels and federal/state funding sources. <br /> <br />The fa 11 owing grap~s indicate the governmental fund revenue sources by percentage for 2002 <br />and the trend in major governmental revenue categories over the past five years. <br /> <br />2002 Governmental Fund Revenues <br /> <br />Charges for Services <br />15% <br />Fines and Forfeits <br />18" <br /> <br />Miscellaneous <br />5111. <br /> <br />Licenses and Permits: . <br />7% <br /> <br /> <br /> <br />Taxes <br />41% <br /> <br />Intergovernmental <br />23% <br /> <br />Special AssGssments <br />70/8 <br /> <br />6 <br />
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