In a recent government meeting, officials discussed the financial health of the general fund and enterprise funds, highlighting significant changes in revenue and expenditures over the past year. The general fund reported total assets of $3.3 million at year-end, a decrease of $262,000 from the previous year. This decline was primarily attributed to a reduction in cash and investments, which fell by $984,000, although this was partially offset by an increase in grant receivables.

The fund balance, calculated as assets minus liabilities, stood at $2.721 million, down $484,000 from the prior year. Notably, the unassigned fund balance increased to $2.2 million, indicating a reserve for future expenditures, a shift from the previous year when no funds were set aside.

Total revenues for the general fund reached approximately $10.006 million, marking an increase of $1.115 million from the previous year. This growth was driven by a rise in sales tax revenue, which increased from $4.8 million to $5.2 million, and significant grant revenue, particularly an $834,000 grant from the Colorado Department of Transportation (CDOT) for a trail system project.

Expenditures for the general fund totaled $11.4 million, reflecting a $152,000 increase from the prior year, largely due to expenses associated with the aforementioned grant projects. The meeting emphasized that the recent 1% sales tax increase is expected to stabilize the general fund and help rebuild cash reserves that have been depleted over the years.

In discussing enterprise funds, officials reiterated the importance of these funds operating independently and self-sufficiently. The electric utility fund, for instance, reported total current assets of $7.098 million, an increase of $577,000 from the previous year, attributed to higher cash investments and receivables.

Overall, the discussions underscored the need for careful monitoring of cash balances and expenditures to avoid future deficits and ensure the sustainability of city projects and services.