CITY OF EDMOND, OKLAHOMA MANAGEMENT’S DISCUSSION & ANALYSIS June 30, 2021
A FINANCIAL ANALYSIS OF THE CITY’S FUNDS As the City completed its 2021 fiscal year, the governmental funds reported a combined total fund balance of $87.3 million or a 4.7% decrease from 2020. The enterprise funds reported combined total net position of $467.5 million or a 6.7% increase from 2020. The fund balance constraints and net position restrictions are listed below: Governmental Funds: Fund Balance: Restricted Committed Assigned
$
83,209,058 98,555 5,644,208
Total Fund Balance Constraints Enterprise Funds: Net Position Restrictions: Restricted for debt service $ 22,181,357 Restricted for scholarships 1,601 Restricted for economic development 58,453 Total Enterprise Fund Net Position Restrictions
$
88,951,821
$
22,241,411
Other fund highlights include: For the year ended June 30, 2021, the General Fund’s total fund balance decreased by $13,586,841 due to an increase in expenditures related to streets and transfers out related to restricted sales tax. The 2000 Capital Improvement Tax Fund’s total fund balance decreased by $10,404,262 due to an decrease in transfers in from other funds. The Fire Public Safety Limited Tax Fund’s total fund balance increased by $6,264,220 due to an increase in transfers in. The Police Public Safety Limited Tax Fund’s total fund balance increased by $5,675,628 due to an increase in transfers in. All enterprise funds reported an increase in net position, after transfers, for the year ended June 30, 2021 with the exception of Lake, Yourgovshop and CityLink. In each of the enterprise funds mentioned above, charges for services covered operational costs with the exception of Lake. The employee pension trust fund posted an increase in net position of the fund of $26.8 million. The increase is due to an increase in the investment yields in the market. General Fund Budgetary Highlights Over the course of the year, the City Council revised the General Fund budget various times. Actual revenues and transfers were above final estimates by $6,070,975 or 7.52% which was a result of an increase in sales and use tax collections and transfers in, while expenditures and transfers were under final appropriations by $2,894,949 or 2.80%.
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