CITY OF NEW BRIGHTON, MINNESOTA
<br />
<br />December 31, 2013
<br />
<br />
<br />
<br /> 25
<br />
<br />
<br />As noted earlier, the City of New Brighton uses fund accounting to ensure and demonstrate compliance with
<br />finance-related legal requirements.
<br />
<br />Governmental funds. The focus of the City of New Brighton governmental funds is to provide information on
<br />near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City
<br />of New Brighton financing requirements. In particular, spendable fund balance may serve as a useful measure of
<br />
<br />
<br />As of the end of the current fiscal year, the City of New Brighton governmental funds reported combined ending
<br />fund balances of $ 43,345,185, an increase of $ 14,861,062 in comparison with the prior year. Approximately
<br />64.4% of this total amount ($ 27,926,917) constitutes spendable unrestricted, fund balance, which is available for
<br /> The amount of $ 15,410,209 is restricted for 1) tax increment
<br />($ 13,602,828), 2) park dedication ($ 401,761), 3) public safety ($ 80,135) and 4) debt retirement ($1,325,485). The
<br />remainder of fund balance is nonspendable to indicate that it is not available for spending because it is not in
<br />spendable form, (prepaid items totaling $ 8,059).
<br />
<br />The General Fund is the chief operating fund of the City of New Brighton. At the end of the current fiscal year, the
<br />nonspendable fund balance of the General Fund was $ 8,059; the unassigned fund balance was $ 6,071,022 for a
<br />total fund balance of $ 6,079,081. As a measure of the General F
<br />unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance represents
<br />53.6% of total General Fund expenditures and total fund balance represents 53.7% of that same amount.
<br />
<br />The General Fund increased by $ 43,361 during the current fiscal year. The final amended 2013 General Fund
<br />budget was a deficit of $ 293,300. The Municipal Development Fund increased by $ 275,823, primarily because of
<br />interest on investments and interfund loans. The New Brighton Exchange redevelopment capital projects (Tax
<br />Increment Districts 31, 31A, 32 and 32A major funds) decreased by $ 7,342,839 due to a decrease in the market
<br />value of Assets held for resale, further redevelopment expenditures, interest on interfund loans and transfers out to
<br />debt service funds. Nonmajor Debt Service Funds decreased by $ 1,222,690 as a result of principal and interest debt
<br />service payments on existing debt. The nonmajor tax increment capital project funds decreased by $ 147,416 as
<br />districts, which were closed and decertified as of December 31, 2013, have transferred $ 644,999 to the New
<br />Brighton Exchange redevelopment capital project funds. The Street Improvements Fund decreased by $ 354,321,
<br />due to costs incurred for the 2013 street reconstruction improvement project. The Community Reinvestment Fund
<br />decreased by $ 526,580 due to transfers out to debt service funds, consistent with long -term financial plans. Other
<br />non-major capital projects decreased by $ 491,444. This was mostly the result of the Water Improvement Fund
<br />transfer out of $ 403,093 to the 2013 street reconstruction improvement project .
<br />
|