|
Financial Analysis of the Bureau's Funds
<br />As noted earlier, the Bureau uses fund accounting to ensure and demonstrate compliance with finance -related
<br />legal requirements.
<br />Governmental Funds -The focus of the Bureau's governmental funds is to provide information on near-term
<br />inflows, outflows, and balances of usable resources. Such information is useful in assessing the Bureau's
<br />financing requirements. Specifically, unassigned fund balance can be a useful measure of a government's net
<br />resources available for spending at the end of the fiscal year.
<br />The General Fund is the operating fund of the Bureau. At the end of the fiscal year, unassigned fund balance of
<br />the General Fund was $2,170,415. The committed portion of the General Fund that relates to Sports
<br />Development at the end of fiscal year was $101,391. The Tourism Capital Reserve fund is to fund capital
<br />projects, sales and marketing, and tourism development of the Bureau. At the end of the fiscal year, committed
<br />fund balance of the Tourism Capital Reserve Fund was $1,372,146.
<br />Page 9
<br />Aaachmenl number 1 rn
<br />1-2 Page 194
<br />V
<br />2017
<br />2016
<br />Revenues:
<br />General revenues:
<br />Occupancy tax
<br />$ 5,517,951
<br />$ 5,343,668
<br />Advertisingfees
<br />38,335
<br />36,280
<br />Other income
<br />27,137
<br />61,278
<br />Earned interest
<br />3,508
<br />3,202
<br />Total revenues
<br />5,586,931
<br />5,444,428
<br />Expenses:
<br />Economic and physical development
<br />5,426,150
<br />4,584,546
<br />Total expenses
<br />5,426,150
<br />4,584,546
<br />Increase (decrease) in net assess
<br />160,781
<br />859,882
<br />Net position - beginning
<br />3,538,406
<br />2,814,157
<br />Restatement
<br />-
<br />(135,633)
<br />Net position - as restated
<br />3,538,406
<br />2,678,524
<br />Net position - ending
<br />$ 3,699,187
<br />$ 3,538,406
<br />Financial Analysis of the Bureau's Funds
<br />As noted earlier, the Bureau uses fund accounting to ensure and demonstrate compliance with finance -related
<br />legal requirements.
<br />Governmental Funds -The focus of the Bureau's governmental funds is to provide information on near-term
<br />inflows, outflows, and balances of usable resources. Such information is useful in assessing the Bureau's
<br />financing requirements. Specifically, unassigned fund balance can be a useful measure of a government's net
<br />resources available for spending at the end of the fiscal year.
<br />The General Fund is the operating fund of the Bureau. At the end of the fiscal year, unassigned fund balance of
<br />the General Fund was $2,170,415. The committed portion of the General Fund that relates to Sports
<br />Development at the end of fiscal year was $101,391. The Tourism Capital Reserve fund is to fund capital
<br />projects, sales and marketing, and tourism development of the Bureau. At the end of the fiscal year, committed
<br />fund balance of the Tourism Capital Reserve Fund was $1,372,146.
<br />Page 9
<br />Aaachmenl number 1 rn
<br />1-2 Page 194
<br />
|