11/17/2016 1:57:01 PM
11/10/2016 1:33:31 PM
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City Auditor, Stearns
unaudited financial reports budgetary basis general accounts enterprise funds schedule a through b-3
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` `ROaC eSjjDk� CITY OF WORCESTER, MASSACHUSETTS <br /> c <br /> n AUDITING DEPARTMENT <br /> � Robert V. Steams <br /> City Auditor <br /> November 15, 2016 <br /> Honorable members of the City Council <br /> City of Worcester, Massachusetts <br /> Fiscal 2016 Unaudited Financial Statements <br /> Councilors: <br /> Attached are unaudited financial reports on the budgetary basis for results of operations in fiscal 2016 for <br /> the General and Enterprise Funds (Schedules A through B-3). The reports compare the actual results <br /> against the final budget. Additionally, a comparison with the initial fiscal 2017 budget is presented. The <br /> final 2016 budget includes adjustments up until the tax rate was approved in December and approved <br /> Council transfers in and out of various accounts during the year. The variance column reflects the amount <br /> of over or underestimated receipts and reversions of appropriations in expenditure accounts. <br /> Also attached are summaries of the activities in the Special Revenue, Capital Project, Debt Service, Health <br /> Insurance Trust and Other Trust Funds (Schedules C-1 through C-5). A schedule of outstanding debt is <br /> shown on Schedule D, and the combined balance sheet of the fund types on Schedule E. <br /> General Fund(Schedule A) <br /> The City's general fund had a net increase of $7.4M on a budgetary basis during fiscal 2016. This was <br /> better than the budget by $8.9M. Revenues exceeded estimates by $5.4M. Other financial sources <br /> exceeded estimates by$308K. Total expenditures were under budget by $3.2M. <br /> The fiscal 2016 final budget had assumed a net decrease in the general fund of($1.49M) because of uses <br /> of beginning fund balance: $503K of the fiscal 2015 free cash and a transfer to repay HUD $985K. The <br /> total fiscal 2015 free cash was $1M of which $503K remained in the general fund's reserve account and <br /> $503K was used in OPEB and operations; $302K was transferred to the OPEB fund and $201K was <br /> appropriated to operating expenditures. In addition to free cash, $985K of the Emergency Stabilization <br /> Fund was appropriated to repay part of HUD questioned costs. <br /> At the end of the year the general fund totaled $33.9M, with $13.2M undesignated and $20.7M in two <br /> reserve accounts. Free cash is the amount of undesignated fund balance that is allowed to be appropriated <br /> in the following year once certified by the state. The fiscal 2016 free cash that has been certified by the <br /> state and may be appropriated in fiscal 2017 is $5.5M. <br /> The reserve accounts in the general fund experienced a net decrease of$482K and totaled$20.7M at June <br /> 30, 2016. The Bond Rating Stabilization Fund increased $503K to a balance of $19.6M, and the <br /> Emergency Stabilization Fund decreased$985K to a balance of$1.1 M. <br /> 1l Page <br />
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