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MEMO <br />To: Dean Lotter, City Manager <br />From: Dan Maiers, Finance Director A(51� <br />Date: May 9, 2008 <br />Re: 2007 Year End Results for the General Fund <br />Attached are the preliminary results for the General Fund for the year ending December <br />31, 2007. We are in the final review stages of our preparations of the Comprehensive <br />Annual Financial Report (CAFR). It is expected that our auditors will complete their <br />final review in the next week or two. I do not expect there to be any significant changes <br />to the statements. The auditors are planning to discuss the 2007 CAFR and their <br />management letter to the City Council at the worksession on Tuesday, May 27th. <br />The General Fund ended 2007 with an increase in fund balance of $756,151. As <br />discussed during previous worksessions, a surplus has been anticipated for 2007 for the <br />General Fund since the end of the second quarter. There were numerous budget <br />variances which together resulted in this increase. As the year progressed, the number <br />and magnitude of the positive variances began to accumulate. I'm including the attached <br />descriptions/reasons for the significant variances in an attempt to provide the background <br />so they can be understood. <br />