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CITY OF CASSELBERRY, FLORIDA
<br />MANAGEMENT'S DISCUSSION AND ANALYSIS Continued
<br />September 30, 2018
<br />Community Redevelopment Agency (CRA) Fund
<br />The CRA Fund was established to account for the City's redevelopment district. The CRA is presented as a
<br />blended component unit of the City in accordance with GASB No. 61 for fiscal year ended September 30,
<br />2018. At the end of the fiscal year, fund balance was $334,646, a decrease of $(25,202) from the prior fiscal
<br />year. The decrease in fund balance was primarily due to an increase in expenditures pursuant to the CRA
<br />Master Redevelopment Plan.
<br />Infrastructure Surtax Fund
<br />The Infrastructure Surtax was approved through referendum in Seminole County in FY 2015. The
<br />Infrastructure Surtax Fund captures the tax revenue and costs restricted for infrastructure projects in
<br />compliance with the tax laws. At the end of the fiscal year, fund balance was $6,796,479. There was a
<br />decrease in fund balance of $(309,647) in FY 2018. This was due to strategically planned capital projects that
<br />utilize prior year debt funding.
<br />Stormwater Fund
<br />The Stormwater Fund is used to account for revenue and expenditures related to stormwater and lakes
<br />management. Stormwater fund balance increased $3,196 in FY 2018. This was due to strategically planned
<br />capital projects pursuant to the mission of the stormwater fund in reducing stormwater runoff and maintaining
<br />high water quality.
<br />Proprietary Funds
<br />The City's proprietary funds provide the same type of information found in the government -wide financial
<br />statements, but in more detail. Unrestricted net position of the Utility Fund at the end of the current year was
<br />$17,227,994, an increase of $1,555,197 from the prior year. Unrestricted net position of the Golf Club Fund
<br />decreased $(12,797) in FY 2018.
<br />The increase in Unrestricted Net Position for the Utility Fund reflects an increase in total revenue offset by
<br />decreased total expenses, in addition to a reduction in transfers out due to completion of a capital project. The
<br />results of the current year were previously discussed in the section pertaining to business -type activities as
<br />this is the only enterprise fund of the City.
<br />General Fund Budgetary Highlights
<br />The General Fund's original budget increased by $2,252,742, resulting in the final amended budget of
<br />$17,875,096 inclusive of expenditures and transfers out. Increases in General Government is largely due to
<br />budget rollover from fiscal year 2017. Public Safety increased due to the award of a COPS Grant. Culture
<br />and Recreation increased due to funding provided for additional recreational trails and a land purchase. The
<br />changes within functions are summarized in the table below.
<br />W
<br />Original Budget
<br />Final Budget
<br />Change
<br />General Government
<br />$ 4,032,169
<br />$ 4,831,326
<br />$ 799,157
<br />Public Safety
<br />6,640,858
<br />7,087,898
<br />447,040
<br />Physical Environment
<br />187,170
<br />296,582
<br />109,412
<br />Transportation
<br />1,301,751
<br />1,296,654
<br />(5,097)
<br />Culture/Recreation
<br />1,971,461
<br />2,616,095
<br />644,634
<br />Debt Service
<br />497,838
<br />507,088
<br />9,250
<br />Other Uses
<br />991,107
<br />1,239,453
<br />248,346
<br />$ 15,622,354
<br />$ 17,875,096
<br />$ 2,252,742
<br />W
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