2012 Comprehensive Annual Financial Report - the City of Tukwila

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CITY OF TUKWILA: 2012 CAFRMANAGEMENT’S DISCUSSION AND ANALYSISThe following chart depicts the revenues and expenses for business-type funds:$8,000,000Business-type Activity Revenues and ExpensesBefore Capital Contributions and Transfers$6,000,000$4,000,000RevenuesExpenses$2,000,000$0Water Sewer Surface Water Foster Golf CourseFinancial Analysis of Governmental FundsThe purpose of the City’s governmental funds is to report on near-term revenues/financial resourcesand expenditures. This information helps determine the City’s financial requirements in the nearfuture. Specifically, fund balance is a good indicator of the City’s financial resources.As of December 31, 2012, the City’s governmental funds had combined fund balances of $18.1million, a decrease of $6,655,064 or 26.8%. This decrease is related to a decrease in arterial streetfund of $6.4 million due to the completion of two major arterial street projects and expendituresincurred on the Local Improvement District. Reimbursement will take place in 2013.The change in prior year fund balances for other major funds are as follows: General fund $118,415 Land Acq., Rec & Park Development ($337,784) Other governmental funds $10,370Of the governmental fund balances, restricted fund balances constrained for a specific purpose byexternal parties consist of $710,707 for tourism, $1,046,772 for streets, $394,755 for arterial streetimprovements, $85,125 for drug seizure, $164,312 for general government improvement, and$348,010 for fire improvements. Fund balances intended to be used for specific purposes consistsof $88,576 for arterial streets, $1,090,188 for land acquisition recreation and park development,24
CITY OF TUKWILA: 2012 CAFRMANAGEMENT’S DISCUSSION AND ANALYSIS$2,005,520 for facility replacement, $749,518 for general government improvements, and$3,012,381 dedicated for debt repayment and $75,000 for public safety equipment.The general fund is the primary operating fund of the City. All receipts and payments of ordinary Cityoperations are processed through it unless they are required to be accounted for in another fund. Atthe end of 2012, the general fund had an unassigned fund balance of $8,378,557.The following chart shows the relative fund balances for governmental funds:Governmental Funds – Fund BalancesDebt service funds18%Special revenue funds11%General fund46%Capital project funds18%Land acq, rec & parkimprovement funds6%Arterial street fund1%The $118,416 increase in the general fund balance results from revenue of $48,704,332, expensesof $44,638,728, transfers into the fund of $2,330,665, transfers out of $5,619,148, and a loan toTukwila Metropolitan Park District in the amount of $658,706. In comparison with 2011, revenueincreased $814,838, expenses increased of $937,338, decrease of transfers into the fund of$642,178 and decrease in transfers out of $4,449.The fund balance decrease of $6,446,065 in the arterial street fund is primarily due to expendituresfor two major arterial street projects. Land acquisition, recreation and park development fundbalance decreased by $337,784.25
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2012 Comprehensive Annual Financial Report - the City of Tukwila

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