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• User fees for recreation programs were $67,656 less than budgeted. This was the result of a decline in program participants. Management reacted to the decline by reducing expenditures by $68,992. • Police State Aid revenues were received in an amount of $30,636 more than budgeted. • The Family Academy Charter School defaulted on their lease at the FSC resulting in an unfavorable variance of $106,204. • A refund from sewer access charge (SAC) credits of $189,100 was received. These SAC credits were the result of demolitions in the Northwest Quadrant redevelopment. • Police realized savings in personnel from staff vacancies and retirements and subsequent re -hires at lower rates. The fund balance of the General Fund as of December 31, 2006, was $4,766,219. The balance is in compliance with the City's fund balance policy and consistent with the Office of State Auditors Statement of Position regarding fund balance levels. DEBT SERVICE At December 31, 2006, the City had a number of debt issues outstanding totaling $66,451,700. During 2006, there were two new debt issues, both for the Northwest Quadrant project. During 2006, $4,229,000 of principal was paid off. Operating revenue Operating expenses Income/(loss) from operations Non-operating revenues, (expenses) and transfers Change in net assets WATER UTILITY FUND 2006 2005 Actual Actual $1,192,036 $1,088,810 1,311,845 1,286,611 (119,809) (197,801) 180,589 261,304 During 2006, the Water Fund transferred out $415,000 to be reserved for future reinvestment into the water distribution system. Operating revenue Operating expenses Income/ (loss) from operations SEWER UTILITY FUND 2006 Actual $1,860,718 2,094,605 (233,887) 2005 Actual $1,817,822 2,131,706 (313,884) Non-operating revenues, (expenses) 235,954 62,743 and transfers