2012-2013 Budget - City of Saginaw MI

OAKWOOD CEMETERY FUNDREVENUE BUDGET SUMMARYOakwood Cemetery Fund is a Fiduciary Fund for theCity of Saginaw. This fund is used to report resourcesthat are legally restricted to the extent that only earningsmay be used for cemetery care purposes in support of thecity’s program. In accordance with Chapter XIII,Section 83 Cemetery Trust Funds, in the Charter of theCity of Saginaw, the city must allocate 25% of allmonies, which comes from the sale of lots and singlegraves, to the cemeteries trust funds. This income willbe used annually for the general care and maintenance ofeach city-owned cemetery. For FY 2012/13, theOakwood Cemetery Fund revenues will be $12,587.This is an increase of $7,712 from the previous fiscalyear. A calculation was completed for the percentagebreakdown between Forest Lawn Cemetery andOakwood Cemetery, based on size of the cemetery, the25% of the sales of lots and single graves wereappropriated. In addition, there was an inclusion of thereserves to cover FY 2013 cemetery expenditures.SUMMARY OF REVENUES2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected ApprovedCharge for Services 0 0 3,714 4,875 4,875 4,544 4,987Other Revenue 0 0 0 0 0 0 7,600Total Revenues 0 0 3,714 4,875 4,875 4,544 12,587REVENUE TRENDS16,00014,00012,00010,0008,0006,0004,0002,000-Total Oakwood Cemetery RevenuesSince 2002TotalOakwoodCemeteryRevenuesSince 2002The above graph reflects numerical data from FY 2002 – FY 2011 Actual Revenues, FY 2012 Approved Revenues, andFY 2013 Approved Budget. From FY 2003- 2004, the city realizes a steady decline in the revenues received in this fund.This decline is associated to the amount of monies that are collected in the sale of lots and single grave sites. From FY2005-2008, the city realized a slight increase in the amounts collected. However, in FY 2009 -2010, revenues were notrecognized in this fund. This was attributed to an accounting error with the change in the City’s Controllers Office. InFY 2011 – 2013 this misallocation has been corrected and revenues will be recognized in this fund.317