HomeMy WebLinkAbout1982-08-24; City Council; 7135; Annual Financial Report 1981-82z
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CIT'r OF CARLSBAD -AGENDA BILL
AB# 7/ 3,!('
MTG. 8/24/82
DEPT. FIN
I.IIlJ;; ANNUAL FINANCIAL REPORT
1981-82
RECOMMENDED ACTION:
This is an informational report for Council. No action is
required.
ITEM EXPLANATION:
The attached report is a review of the year end financial position
of the City of Carlsbad. The purpose of this report is to present
to Council a preliminary look at the city's financial condition at
the end of 1981-82. These figures are unauditeo and will be
adjusted as our CPA completes the 1981-82 audit. However, adju:;t-
ments made as part of the audit should not materially affect the
balances reported here.
The City Council should take note of the following points:
1. Operating revenues finished 1981-82 ahead of budget estimates
by about $450,000 or 2.6%. During early 1981-82, there was
considerable concern that economic trends toward weak building
activity, slow sales and lov,er interest earnings might bring
operating revenues down helow budgeted levels. Interest earn-
ings stabilized in mid-to-late 1981-82 and retail sales did
not decline although building revenues did suffer.
2. Operating expenditures for all operating funds was about $2
million below the budget primarily due to savings in mainte-
nance and operation accounts and salary savings. Gl;lneral fund
savings were $1 million; sanjtation fund $132,000; water opera-
tions $240,000; street lighting $175,000; housing anu redevelop-
ment $200,000.
3.
4.
Capital funds were hardest hit by the slow construction activity.
This is shown primarily in public facilities ff'es, sewer con-
struction and park-in-lieu funds. The decreases are significant
and will affect the capital improvement program for 1983 to 1988.
Sales tax revenue finished the year ahead of estimates by about
!Li%, $179,000 above the estimated revenue of $3.8 million. This
is a positive note in an ~therwise sagging economy. Although
Carlsbad's sales tax base has survived the fi~st round of ~conomic
blows, 1982-83 may be more difficult with the addition of compe-
titive shopping areas in Oceanside.
-PAGE 2 of AB#~~--•
FISCAL IMPACT:
This entire report is a fiscal impact analysis of the operations
of the city for 1981-82. Rather than detail all the findings here,
the Council should note that general opeI.atinq funds were in a
balanced or positive position at the end of 1981-82. Capital funds
show a negative cash flow of about $3.7 million. The total ending
fund balance for 81-82 wilJ. be about $11. 4 mill.ton or $2.5 million
less than the beginning balance. The attached report contains
more detail.
EXHIBI'rs:
rinancial report for 1981-82.
CITY OF CARLSBAD
1981-82 YEAR END
FINANCIAL REPORT
During 1981-82 the Finance Department presented several
financial reports to the City Council in an attempt to keep
the Council and city management informed on the city's
revenue and expenditure picture. This report presents year
end data which will summarize the city's financial operations
for J.981-82. Comprehensive audited financial statements are
being prepared and will be presented when completed. The
Council should note that the figures presented here are un-
audited and are subject to revision by our CPA during the
course of their examination.
REPORT SUMMARY'
Operating Revenues -operating revenues exceeded budget
estimates by about $450,000 or 2.6%. 1981-82 operating
revenues totallecl $17.3 million compared to a budget of
about $16.8 million. Sales tax revenue and interest earn-
ings have continued to be leaders in the revenue picture.
Building permit revenue was once again well below the revised
estimates.
Operating Expenditures -Operating e~penaitures ~ere below
budget appropriations by $2 million, or 12%. Operating ex-
penditure:; totalled $15.6 million while appropriations
totalled U 7. 7 million. General Fun<:: savings of $1 million
were comprised of salaries $200,000; maintenance and opera-
tions $530,000; and capital outlay $90,000; the contingency
account balance stood at $180,000 at year end. Sanitation
Fund savings of $132,000 were attrib..ttable to reduced opera-
ting costs. Street lighting saved $175,000 as a result of
the street lighting conversion program. Water operations
saved $240,000 due to deferrment of the base map project
lower purchased water expenses, Housing and Redevelopment
saved $200,000 due to lower program activity levels and lower
genertl.tion of housing program expenses.
General Fund Revenue -As previously stated, sales tax and
interest earnings were primarily responsible for causing
actual general fund revenues to exceed estimated revenues by
$430,000, The detailed 'iscussion provides more information
on other factors. Total 1981 -82 revenues were $12,b6 million
compared ::.,:, estimated .revenue f $12. 33 million.
Ger,eral Fund Ex~enditures -General Fund expenditures were
$12.l million, l million or 7.5% below budget or $13.l million.
Savings were comprised of salaries s200,ooo; maintenance and
operations $530,000; capital equipF ,t $90,000. The contin-
gency account stood at $180,000 _ar ~~d. Pximary compo-
nents of the maintenance and '-'Pl on sa, ings were the deferr-
ment of street overlay prog~am exp, ses to 82-83 $170,000;
CITY OF CARLSBAD, 1981-82 YEAR END FINANCIAL REPORT
PAGE 2
insurance program policy cost savings $85,000; special
supplies savings $55,000; utility expense cost $31,000;
lease purchases $30,000; and training and education $23,000.
Sales Tax -Sales tax revenue finished 1981-82 at $3.9
million, about $179,000 or 4.8% ahead of the estimated
figure. This is a remarkable showing for sales tax revenue
during an economically depressed tima.
Building Permits -Revenue from building permits fell $128,000
behind the revised budget estimate of $400,000. The total
1981-82 revenue of $272,000 is only two-thirds of the revised
estimate. The later portion of 1981-82 saw no improvement in
the economic climate for residential construction. l982-e3
is predicted to be ahead of the $272,000 mark recorded in
1981-82; however, early signs are not encouraging.
Business Licenses -A total of $259,000 was collected in
business licenses during 1981-82. This is $26,000 or 9%
behind the budgeted figure of $285,000. License revenues
have reflected businesses pessimistic view of 1982 in com-
parison to 1981 by recording a growth of only 4.4%
Parking Citations -Parking citation revenue has been reported
auring 1981-82 to allow the Council to watch the growth of a
"new" revenue source. Since concentrated parking citation
enforcement and collection began, the city has collected $25,000
in fines. Direct collection costs amount to about $3,500
annually plus staff time for issuing and processing citations.
Investments -During 1981-132 the Council has been able to see
the erfects of high interest rates on the city's revenue pic-
ture. Interest in the general fund exceeded $1.2 million and
was over $2 million for all funds. The investment pool can
also be seen fluctuating as major tax apportionments are made
and as capital projects get underway.
contingencies -The city used the contingency account for
funding self insurance reserves totalling $500,000, and for
other operating purposes totalli~~ $176,000, such as consultant
services for the circulation element $21,500; weed abatement
EJrogram $15,000; mechanical maintenance garage improvements
$20,000; and Council sound system $16,500.
The contingen~y account began 1981-82 with $855,000 and
ended with about $180,000.
Sanitation Fund ·-Revenues in the sanitation fund exceeded
expenditures ry about $80,000. Revenues totalled $641,000
while expenditures amounted to $558,000, The sanitation fund
CITY OF CARLSBAD, 1981-82 YEAR END FINANCIAL REPORT
PAGE 3
was reported in a positive position in December which has
been improved by credits received from Encina for past
billing errors.
Water Fund -Water revenues total ~1.9 million compared to
expenditures of about $1.6 million. Expenditure savings
are related to a deferred base mapping project $100,000;
r~duced insurance expenses $54,000; and a savings of about
$46,000 due to lower water volume purchases.
Capital Funds -Capital funds have performed poorly during
1981-82. All development dependent capital funds are signi-
ficantly below estimated levels. Revenue estimates were
decreased in December to adjust for the slowing economy;
however, these adjustments were not sufficient to allow for
actual revenue shortfalls.
16
12
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OPERATING REVENUES
Operating Revenues are those revenues received by the city that
are used to pay for daily operations such as salaries, goods,
services and small capital equipment. These revenues are dependent
upon economic activity, building ectivity, city fee structures
and state and federal policies.
During 1981-82 the city received $17.25 million in operating
revenues compared to estimated revenues of $16.8 million, a
difference of about $450,000 or 2,6%. The difference can be traced
to high yields on inve~tments and good sales tax performance but
slow building permit revenue and property tax revenue. This year-
end position is consistent with the findings reported at the end
of the December 1981 where operating revenues were about $500,000
ahead of budget estimates. The last half of 1981-82 maintained
the economic patterns established in the first half of the year
in spite of a slow economy.
The following Sections discuss sales tax, building permits and
other specific revenue services.
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OPERATING EXPENDITURES
Summary: Operating expenditures are ex9enses of the city that
support the daily operations of City Government. Employee
salaries, maintenance and operations e·,pense, and capital equip-
ment outlays comprise city operating eA-penditures. The city
operates under a balanced budget approach whereby operating
expenditures, the cost of providing city services, should not
exceed operating revenues.
Total operating expenditures for fiscal 81-82 were $15.6 million,
$2 million or 12% below budget appropriation levels. Savings of
$1 million were realized in General Fund Operations -Salaries
$200,000; general maintenance and operations $530,000; contin-
gency fund $180,000; and capital equipment outlays $90,000.
Significant cost savings were realized in the sewer enterprise
fund of $135,000 attributable to reduced operating and Encina
plant cost apportionments. Water enterprise operating costs were
$240,000 below budget as cost savings were realized in purchased
water, professional service (city base map cost deferrment), and
insurance costs. Street Lighting operations were $175,000 below
budget due primarily to utility cost savings as a result of the
street lighting conversion program. Housing and Redevelopment
operations totalled $700,000, $200,000 below budget appropria-
tions. Cost savings of $170,000 were realized in the HUD Section
8 Housing Program due to program expenses not being generated at
the maximum allowable HUD reimbursement rate. Redevelopment oper-
ations were $33,000 below budget due to a decreased level of
program activity.
Energy and communications costs, closely monitored during the
fiscal year, showed favorable results at year end. Energy costs
amounted to $500,000, $207,000 or 29% below budget levels. Most
significant was an energy savings of $165,000 in the street light-
ing fund, resulting from the conversion to energy efficient high
pressure sodium vapor lamps. In addition, energy savings of
S15,000 was realized in park maintenance operations, $13,000 in
aquatics; and $9,000 in the sanitation fund.
Communications expenses totalled $28,000 for the fiscal year,
$22,000 below anticipated budget expenditures. General fund
communications expenses accounted for 66% or $14,500 of these
savings.
Contingency Fund -This fund is utilized to fund unforeseen ex-
penditure requirements during the fiscal year. The contingency
account began the fiscal year with $855,000. At year end, $180,000
remained in this account. $675,000 in expenditures were appor-
tioned as follows: $500,000 to increase the workmen's compensa-
tion and liability self insurance reserve funds; $175,000 to fund
various general fund operating expenditures during tbe year, such
as: Paseo Del Norte subdrains $15,000; consultant for circulation
element $21,500; Palomar Airport and I-5 bridge study $10,000;
weed abatement program $15,000; mechanical maintenance Quilding
improvemmnts $20,000; improvement to Council sound system in
Chambers $16,500; and library capital equipment $12,000.
(j)
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1981-82
OPEMTIKG EXl'ENDITURES
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CONTINGENCY ACCOUNT BALANCE
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GENERAL FUND REVENUE
Total General Fund Revenue through the end of 1981-82 exceeded
budget estimates by about $430,000 or 3.5%. Year-end revenues
totaled $12.66 million compared to estimated revenue of $12.23
million. Interest earnings and sales tax were key factors in
this 3.5% gain. Deficits were recorded in building permits,
motor vehicle fees and property tax. The reduced property tax
revenue is not due to any collection related problems, it is a
result of using estimated assessed valuation (AV) figures for
predicting property tax revenue at the beginning of 1981-82
and a failure to re-compute the tax revenue once actual AV data
was available. We will correct this oversight in 1982-83.
Although economically the San Diego area experienced a slowing in
the general economy market by unemployment and localized sagging
retail sales,the Carlsbad area has pulled through 1981-82 with
few economic disasters. The slow real estate market and related
construction slump have been prime factors in reducing the
development related revenues received by Carlsbad.
This year's General Fund revenue of $12.66 million is only 7.6%
above the 1980-81 revenue of $11. 77 million.
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1981-82
GENERAL FUND REVENUE --------------\, -------·----··----·----------
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General Fund Expenditures -Fiscal 81-82 General Fund
Expenditures totalled $12 .1 m~.llion, $1 million or 7. 5%
below budget appropriations of $13.1 million. Components
of this savings were: Salary savings $200,000; contingency
fund $180,000; general maintenance and operations $530,000;
capital equipment outlays $90,000.
General Fund salary savings of $200,000, or 3% of budget,
are comprised of regular salaries $55,000; overtime $52,000;
and part-time salaries $87,000. Regular salary savings are
primarily attributable to engineering $37,000; streets
$38,000; and Housing and Redevelopment $33,000. Significant
overtime savings were realized in fire suppression $18,000;
streets $9,000; and police investigation $9,000. Part-time
salary savings can be credited to insurance administration
$13,000; library adult services $15,000; recreation $20,000;
and police-field operations $17,000.
General Fund maintenance and operations expenditure savings
amounted to $530,000 for fiscal 81-82. Primary components
of this savings were:
1. Professional Service!. -$182,000 due to the deferrment
of $172,000 in street overlay program expenses to 82-83
due to the timing of program completion.
2. Insurance and Bonds -$85,000. This savings was due to
premium costs for policies being significantly less than
anticipated and the risk management program being in op-
eration during 1981-82.
3. Special supplies -$55,000. Streets, recreation and police
field operations combine to account for $29,000 of this
savings. The balance of sa·,ings are spread throughout the
operating departments.
4. Utility Expenses -$31,000. Savings are attributable to
park maintenance and aquatics program operation.
5. Lease Purchases -$30,000. Savings in this account are
attributable to the lease payments for the new computer
commencing later in the fiscal year than anticipated.
6. Training and Education -$23,000. Personnel and police
technical services combine for $18,000 of these savings.
7. Communications -$18,000. City Hall phone costs were 30%
below the original budget estimate. The Centrex system
was in place for the entire fiscal year.
8. Building Materials $18,000. Building materials cost
savings are spread among general fund departments.
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9. Rock and Minerals -$16,000. This was due to savings
in the street department operations.
Capital equipment outlay savings for the general fund amounted
to $90,000. Primary components are: Engineering -Word
Processing work station $13,000; fire suppression -insurance
reimbursement for damaged fire truck $16,000; finance deferr-
ment of computer room storage improvements to fiscal 82-83
$12,000; recreation and aquatics -capital items not purcahsed
$17,000. Sound purchasing procedures also contributed signi-
ficantly towards reducing the cost of capital equipment items
acquired during fiscal 81-82. Total general fund capital
equipment acquisitions amounted to $450,000 for the fiscal
year.
I 1981-82 t ___ GENERAL FUND EXPENDITURES . _____ . _ __ , _. 100%
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SALES TAX
Sales tax revenue is based on 1% of gross retail sales within
the city limits. Total sales tax revenue for 1981-82 was
$3.9 million, which means over $390 million worth of retail
merchandise changed hands in Carlsbad this fiscal year. This
is up 19.4%, or about $600,000 over the 1980-81 sales tax
receipts. The December financial report informed Council that
if the positive sales trends of early 1981-82 continued, tax
revenue would reach $ 3. 9 million, a very optimistic projection,
but apparently accurate. During 1981-82 major stores have
reported nation-wide declines in retail sales. In some cities,
including some San Diego CounLy cities, major stores have been
forced to close. However, Carlsbad has avoided these economic
woes and has managed to record a substantial gain in sales tax
revenue. It should be noted that the city is particularly
dependent upon Plaza Camino Real and Car Country. Other retail
and commercial areas are developing,but to date none have
exceeded the relative importance of these two areas.
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FISC,\L YEAR
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BUILDING PERMITS
1981-82 was no~: a banner year for new construction. Total revenue
from all types of construction permits amounted to $271,597 or
about 2/3rd of the revised estimate of $400,000. The December
financial report indicated that the $400,000 estimate would only
be reached through a marked turn around in construction activity.
The construction revival did not occur and year-end revenues
remain well below estimates. As the chart below shows, annual
building permit revenues va~y radically from year to year. This
source is particularly vulnerable to economics and environmental
factors. It should be noted that a 50% fee increase went into
effect in late 1980-81 so revenues received in 1981-82 would have
been charged at the higher rate. This rate change makes direct
comparisons of current and historic data difficult. If the rate
increase is backed out of the 1981-82 figures for comparison
purposes, 1981-82 revenue wouJ.d be about $210,000 compared to
$190,000 in 1975-76. On the average this equates to a 1.7% growth
}t>er year for six years. There currently appears to be a trend
toward declining interest rates which may improve the 1982-83
building picture. This decline in rates has not yet effected the
mortgage market so it is difficult to predict a turnaround.
1981•82
BUII.DII\G PCR'IITS
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1975-76 to 1981-82
BUSINESS LICENSES
Business License revenue for 1981-82 totals $259,000, about
$2G,OOO or 9% below estimated revenues of $285,000. The 1981-82
revenue is about $11,000 (4.4%)above 1980-81. As the following
chart shows, business license revenue has been behin-1 estimates
for the entire year. Businesses have been estimating that
calendar 1982 will be only slightly above the 1981 volumes. The
Finance Department has begun a series of audits to confirm business
license data.
300
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1981-82
BUSINESS LICENSE REVENUE
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PARKING CITATIONS
The 1981-82 budget did not include an estimate of revenues from
parking citations. The total revenue for the first full year
of concentrated parking enforcement is about $25,000. nirect
collection costs amount to about $3,500 for a citation processing
bureau who interfaces with ~he DMV, At this time no estimate
of police officer or staff time is available.
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1981-82
PARKING CITATIONS
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:::~VESTMENTS
The City Treasurer is charged with the responsibility of managing
inactive City funds in a manner consistent with good financial
practices and sound investment policies. The amount of interest
earned each year is directly proportional to the availability of
inactive deposits and interest rates. The following graph shows
the investment pool available during each month this fiscal year.
The decrease in the investment pool between August and September
reflects the purchase of Macario Canyon Park. The increase in
December is the result of property tax revenue distributed by the
county near the end of the month. The increase recorded in April
is also due to property taxes distributed at the end of the month.
May's increase can be traced to additional major property and sales
tax distributors. The drop shown in June is primarily due to
the purchase of the Police/Utility service center lar. l. near
Palomar Airport. We can expect to see this pool of funds decrease
as capital projects get underway.
The chart below shows the interest rate swing during the past year.
City earnings usually approximate the 90-day Certificate of
Deposit (CD) level shown.
Interest revenue has exceeded estimates by about $218,000 due
to the stabilizing of interest rates in the later months of
1981-82. Interest rates have taken several sharp up and down
turns in the past 18 to 24 months making predictions particularly
difficult.
It is the city's policy to invest all inactive funds in interest
bearing accounts, i.e. Certificates of Deposit, Federal Notes of
various types and Bankers Acceptance Notes. :. I It
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YIELDS ON SELECTED SECURITIES
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Sanitation Fund -Sanitation fund expenditures totalled
$558,000, $135,000 below budget of $696,000; while revenues
totalled $6~1,000~ $80,000 above original budget estimates.
Maintenance and operations savings are primarily attributable
to a reduced cost apportionment for the operation of the
i'::ncina Water Pollution Control Facility and savings in outside
service, building materials, and insurance costs.
Water Enterprise Fund -Water Enterprise fund expenditures
totalled $1.65 million, $240,000 or 13% below budget.
Revenues amounted to $2 million, $100,000 above original
budget estimates of $1.9 million. Significant cost savings
were realized due to the deferrment of the city base map
project $94,000; insurance and tax cost savings $54,000; and
lower volume of purchase water required $46,000.
Street Lighting Fund -Revenues for street lighting fund
operations exceeded expenditures by $25,000 for fiscal 81-82.
Street lighting expenditures were $175,000 below budget, as
a significant cost savings of $165,000 was realized in street
lighting utility expenses due to the conversion to high pres-
sure sodium vapor lamps.
1981-82
SAfHTATION FUND
MAINTENANCE & OPERATIOll
REVENUES vs EXPENDITURES
--Expenditures
-.. -.. -Revenues
T
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A
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$
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1901-82
WATER EIITERPRISE OPERATIONS
RtVEllUES vs EXPENDITURES
~
-------Revenues
-Expenditure~
. ' '
REVENUE -CAPITAL FUNDS
As discussed earlier, development activiry was considerably below
estimated levels. Capital revenues such as sewer constructiO!l
funds, public fac:ilities foes and park-in-lieu fees all depend
on construction activity for their income base. Construction
activity was well below predicted levels and as a result revenues
into these funds was particularly low. Sewer construction
revenues reached only $864,000 or 69% of the estimated revenue.
Public Facilities Fees amounted to only $527,000 compared to an
estimate of $90J,OOO or about 59%. Park in Lieu fees were
slightly over $93,000 (47%) where $200,000 had been estimated.
These revenue ~hart-falls will affect the timing of projects
contained in the city's five year Capital Improvement Program.
On the lighter side, a large brokerage firm has reported that
housing starts are up (nation wide) by about 34% due to the
decli~e in interest rates. If this trend continues, 1982-83
should improvn over 1981-82.
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CITY OF CARLSBAD
UNAUDITED COMPARATIVE STATEMENT OF FUNDS
1981-82
Beginning Ending . ..
Balanc~ Actual Interfur.d Actual Balance
FUND 7-1-81 Revenues Transfers Expenditures 6-30-82
,OPERATING FUNDS
General $ -o-$12,660,665 $<175,000> $12,138,656 $ 347,009
Gas Tax 589,907 385,708 <325,000) 135,258 515,357
Sanitation 136,819 641,120 557,869 220,070
Street Lighting <9,805> 451,602 426,621 15,17f.)
Library Bond Debt Service 68 ,,~23 (~ ,899 17,925 55,35.,,
Sewer Bond Debt Service 73,610 122,475 128,235 67,850
Workers Comp. Self Insurance 102,287 259,468 250,000 119,446 492,309
Liability Self Insurance 100,000 9,783 250,000 135,305 224,478
Housing Authority 93,704 627,103 643,996 76,811
Rede•1elopment <196,025> -o-53,122 (249,147)
Other Special Revenue Funds 63,011 87,643 14,082 136,572
Water Enterprise 4,033,181 2,002,410(1) --·--~1,633,._544 4,402,047
TOTAL OPERATING F.UNDS $ 5,055,112 $17,252,876 $ -o-$16,004,059 $ 6,303,929
CAPITAL FUNDS
General Capital Const. $6,232,362 $ -o-$ $4,213,217 $2,019,145
Sewer Construction 236,646 864,201 976,937 123,910
Revenue Sharing 1,027,659 652,748 681,588 998,819-
Public Facilities Const. Fund 683,659 526,786 30,ROS 1,179, 64( _J\
Park-In-Lieu Fund 625,084 93,325 88,0SG 630,359
Planned Local Drainage 18,091 10,227 -0-28,318
Community Dev. Block Grants -0-163,597 79,537 84,060
Bristol Cove Assmt. District 43,369 -o--o-43,369
Water Enterprise -o--o--o--o--
TOTAL CAPITAL FUNDS $8,866,870 $2,310,884 $ -o-$6,070,134 $5,107,620
TOTAL ALL FUNDS $13,921,982 $19,563,760 $ -0-$22,074,193 $11,411,549
Includes $126,582 of interest on water debt service funds,