The City of Riverdale filed its state-mandated “Annual Financial Report” (AFR) with the Iowa Department of Management in advance of the December 1 deadline this week.
Total revenues for FY19 were approximately $1.19 million versus a budget of $2.89 million. Major differences between actual amounts and projected budget amounts reflects a change in the way the City used to budget for grant receipts whether grants were applied for or not.
On the expense side, actual expenses for the fiscal year were approximately $1.11 million versus a budgeted amount of $2.69 million – the primary difference being the projected use of grant monies during the year. Because no grant money was received, the money was not expended.
According to the AFR, the City’s general fund balance grew an additional $86,000 during the year to nearly $1.58 million. Since the end of the FY19, the City has identified a number of projects that need to be completed and can be pad for with the excess general funds available. The projects include:
- Establishing an emergency reserve ($150,000)
- Street improvements to the Havens Acres neighborhood ($300,000)
- Improvements to Bellingham Road ($275,000)
- Repairs/replacement of the roof of Riverdale City Hall ($50,000)
- Surveying and installing a barrier fence between the MRT and the Havens Acres neighborhood ($50,000)
- IT infrastructure upgrade for the City ($15,000)
More projects will be identified and budgeted as time goes on.
The City of Riverdale changed it’s approach to budgeting for the current, 2020 Fiscal Year to more accurately reflect revenues and expenses in our budget reports and annual report. Grant money – or money from other sources – will be shown as additional revenues when they are received and not included in the annual budget.
A complete copy of the AFR can be viewed by clicking here.