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2012-2013 Budget - City of Saginaw MI

2012-2013 Budget - City of Saginaw MI

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and 2009, the city corrected an audit entry that was misapplied in previous fiscal years. As a result <strong>of</strong> the audit entrymade in FY 2008 revenues spiked in FY 2009 to $3.23 million. Additionally, the city received a one-time reimbursementin FY 2009 and FY 2011 from Insurance Premiums, equating to $140,325 and $563,000, respectively. In FY <strong>2012</strong>, Self-Insurance revenues continued to reflect a steady increase. This is due to a large appropriation <strong>of</strong> fund equity. For FY<strong>2013</strong>, revenues are expected to dramatically decrease due to the reduction in the renewal policies and the reduction in theappropriation <strong>of</strong> fund equity.EXPENDITURE BUDGET SUMMARYThe total Self-Insurance Fund Expenditures will be$1,099,439 for FY <strong>2013</strong>, which is -114.45% less thanthe FY <strong>2012</strong> approved budgeted levels. OperatingExpenses will be $1,099,439, for the upcoming year. Aspreviously stated, this reduction in Operating Expensesis due to the reduction in the renewal policies. In thecategory <strong>of</strong> Miscellaneous Expenditures, the budgetwill be zero for FY <strong>2013</strong>.FUNDING LEVEL SUMMARY2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 <strong>2012</strong>/13Actual Actual Actual Approved Adjusted Projected Approved1762 Self Insurance 2,277,328 1,157,518 2,016,181 1,179,633 1,179,633 2,229,074 1,099,4399660 Transfers 0 0 2,478,300 1,178,144 1,174,144 0 0Total Expenditures 2,277,328 1,157,518 4,494,481 2,357,777 2,353,777 2,229,074 1,099,439FUNDING LEVEL BY CATEGORY2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 <strong>2012</strong>/13Actual Actual Actual Approved Adjusted Projected ApprovedPersonnel Services 2,603 0 0 0 0 0 0Operating Expenses 2,272,512 1,157,518 2,016,181 1,179,633 1,179,633 2,229,074 1,099,439Capital Outlay 0 0 0 0 0 0 0Miscellaneous 2,213 0 2,478,300 1,178,144 1,174,144 0 0Total Expenditures 2,277,328 1,157,518 4,494,481 2,357,777 2,353,777 2,229,074 1,099,439304

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