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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 />