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HomeMy WebLinkAboutA008 - Motion accepting Fiscal Year 2025/26 Second Quarter Financial ReportITEM #:10 DEPT:FINANCE January 27, 2026 Staff Report FISCAL YEAR 2025/26 SECOND QUARTER FINANCIAL REPORT BACKGROUND: Governmental accounting best practices emphasize the importance of timely and periodic financial reviews throughout the fiscal year. The Government Finance Officers Association (GFOA) specifically recommends that governments conduct interim reviews to ensure data accuracy, identify variances as they occur, and give decision-makers the information they need to respond promptly to emerging trends. Established quarterly reporting aligns the City's financial practices with GFOA guidance, strengthening transparency, and enhancing oversight of the City’s finances. Quarterly reporting also supports more effective budget monitoring by enabling the City to evaluate revenues and expenditures as they occur rather than waiting until year-end. This proactive approach ensures that unexpected changes can be addressed in time to protect service delivery. It also provides comparative and trend data, which are essential for evaluating financial performance, understanding the causes of variances, and supporting informed decision-making by elected officials. Regular reporting not only improves financial management, but also promotes accountability and transparency. In keeping with these best practices, the Finance Department has prepared the City’s FY 2025/26 Quarter 2 financial report as of December 31, 2025, which is attached for the City Council's review. The report provides fund balances, revenues, and expenditures for FY 2025/26 through the end of the second quarter, along with comparative information from the prior fiscal year. The quarterly report will serve two purposes: it will offer the City Council a clear picture of the City’s financial position during the year, and it will function as an internal monitoring tool for the Finance Department to identify inaccuracies, anomalies, and unanticipated changes in financial activity. OPTIONS: Should the City Council desire additional or more detailed information, staff should be directed to include that information in a future report. STAFF COMMENTS: The Finance Department has made quarterly reporting a standard practice. Reports will be provided after each quarter of the fiscal year, with accompanying analysis to highlight major findings and explain significant variances. This practice demonstrates the City's commitment to sound financial management, transparency, and adherence to GFOA’s recognized best practices in governmental finance. 1 ATTACHMENT(S): 2025-26 Quarter 2 Financial Report.pdf 2 City of Ames, Iowa Fiscal Year 2025/26 Quarter 2 Financial Report 3 FY 2025/26 Quarterly Financial Summary Period Ending December 31, 2025 Introduction The following reports summarize the City’s fund balances, revenues, and expenditures for the second quarter of FY 2025/26. Fund Balances The “Fund Balance at 6/30/25” amounts for each fund (the first column in the fund balance report) have been updated from the first quarter report as the audit is now nearly complete. If the balances change due to audit adjustments, the balances will be updated again in the third quarter report. Other explanations for the “Fund Balance at 6/30/25” column: - Many of the funds with negative balances at the beginning of the year are construction or grant funds with expenditures in FY 2024/25 for which reimbursement wasn’t received by the end of the fiscal year. These funds include Public Safety Donations and Grants, the CDBG Program, Parks and Recreation Grants, Street Construction, Sewer Improvements, and Stormwater Improvements. It’s common for expenditures and reimbursements in these types of funds to cross fiscal years and the reimbursements will be received in FY 2025/26. - The Special Assessments fund traditionally has a negative beginning balance. When assessments are created to cover the cost of debt issuance, the principal and interest payments for the debt begin immediately. The assessment revenue received to cover the cost of the debt, however, is collected over time. The fund’s negative balance will be resolved over time as the assessments are collected. Explanations and comments for the “Quarter 2 Ending Balance” column: - Many of the funds with negative or very small balances (CDBG Program, HOME Program, Parks and Recreation Grants, Street Construction, Airport Improvements, Water Construction, Sewer Improvements, and Stormwater Improvements) are funds where the revenue is received on a reimbursement basis after the expenditures have been incurred. The negative balances are normal and will be resolved when the reimbursements are received. - The Special Assessments fund will continue to be negative until the assessments have been collected through property taxes. - The New Animal Shelter Donations fund has a balance of $2,423,445 at the end of the second quarter as donations have been received, but construction of the new shelter hasn’t started. The adopted balance of zero was assuming that all donations received would be expended by the end of FY 2025/26. - Many funds have higher balances at the end of the second quarter compared to their projected balances at the end of the fiscal year (Local Option Sales, Tax, Road Use Tax, Council Priorities Capital Fund, and G.O. Bonds, for example). These funds all contain funding for capital improvement projects, and the timing of the expenditures is dependent on the project schedules. 4 - Sinking funds (Water, Sewer, and Electric) have higher balances at the end of the second quarter compared to their projected ending balances because principal payments in these funds aren’t scheduled until June 1. - The Parking Operations fund is being monitored as its revenues have not been covering its expenditures for several years. At the end of the second quarter, revenues are at 46.5% and expenditures are at 43.8% of their projected amounts. Revenues exceeded expenditures at the end of the second quarter, and the fund balance is at 94.8% of the projected balance for the end of the year. This fund will continue to be monitored to make sure that this positive trend continues for the remainder of the fiscal year. - The Transit Operations fund balance is lower than the fund’s projected balance because much of its operational funding is from federal and state grants which are received on a reimbursement basis. Revenues The adjusted budget for revenues is unchanged from the adopted budget. The first FY 2025/26 budget amendment approved by City Council in September was for expenditures only. Overall revenues on 12/31/25 were at 45.4% of the adopted amount for FY 2025/26. While it might seem that revenues should be at 50% at the end of the second quarter, it should be noted that many revenues are received at the end of periods, such as utility billings, Local Option Sales Tax, and Road Use Tax. Other items to note in the revenues: - There is revenue in grant and donation funds that wasn’t included in the adopted budget or was included at a lower amount. These revenue budgets will be revised in the FY 2025/26 adjusted budget and include Police Forfeiture, Public Safety Donations and Grants, Animal Shelter Donations, New Animal Shelter Donations, and Parks and Recreation Donations. - Many funds with revenues that are primarily grants (CDBG, HOME, Street Construction, Airport Improvements, Transit Operations, and Transit Capital Reserve) have received a low percentage of their revenue. This is normal since the revenue is received on a reimbursement basis and is received when the reimbursement requests are submitted as expenses are incurred. - The Water Utility Fund’s revenue is currently at 56.5% of the fund’s projected total for the year and is significantly higher than the revenue at 12/31/24. The higher revenue amount is due to $2,269,643 received in October, November, and December as part of the PFAS settlement. - The Sewer Utility Fund’s revenue is currently at 64.5% of the fund’s projected total for the year and is significantly higher than the revenue at 12/31/24. This is largely due to a billing to NADC for $2,126,036 for their prepayment of their contribution to the improvements at the WPC facility. - The Resource Recovery Improvements fund shows negative revenue of $227 because expenses for the land purchase for the new Resource Recovery and Recycling Campus were made in the fund. The bonds to cover the expenses, however, have not yet been issued. Because the fund is currently in a negative balance, the fund is being charged interest in the pooled cash and investment system. - Some Internal Service funds (Information Technology, Technology Replacement Reserve, and Risk Management) have significantly higher revenues at 12/31/25 than at 12/31/24. This is because the journal entries to charge those services to City departments was done on an 5 annual basis in FY 2024/25. The entries are now being made quarterly so the revenues can be reflected in the quarterly reports. - The Shared Communications fund, which accounts for the revenues and expenses of the MAPSG system funded through the City, ISU, Story County, and the E911 system shows negative revenue of $85,497 at the end of the first quarter. The expenses in this fund are reimbursed by the participating entities at the end of the calendar year, but an accrual is made at the end of the fiscal year as a portion of the revenue is for January through June of the prior year. The accrual was then reversed in FY 2025/26 so the revenue would not be overstated in the current year when the invoices are processed. The negative revenue will be cleared in the third quarter revenue report. Expenditures The FY 2025/26 Adjusted budget for expenditures reflects the amounts adopted in the FY 2025/26 budget and the amounts included in the first amendment to the FY 2025/26 budget approved by City Council in September. A significant portion of the amounts included in the first amendment are carryover amounts for capital projects that were incomplete at the end of FY 2024/25. Actual expenditures at 12/31/25 are at 31.7% of adjusted budgeted expenditures. None of the expenditures seem out-of-line with what would be expected at this point in the fiscal year. An explanation of some expenditures: - Funds that are primarily used to fund capital improvement projects have a lower percentage of their budgets spent due to the timing of the projects. These funds include Local Option Sales Tax, Road Use Tax, New Animal Shelter Donations, Street Construction, General Obligation Bonds, Airport Improvements, and Transit Capital Reserve. - Hotel/Motel expenditures are at 60.8% because Hotel/Motel Tax revenues have been higher than budgeted so far this fiscal year. Since a large percentage of the receipts are a pass- through to the Ames Regional Economic Alliance, the expenditures show as a larger percentage as well. - Police Forfeiture expenditures are at 219% due to several refunds of funding received as evidence. The expenditure amount will be updated in the FY 2025/26 adjusted budget. - The Fleet Services Reserve expenditures are at 100% because only two items were budgeted in this fund. Both were transfers to the Fleet Replacement Reserve Fund and both transfers have already been made. - Shared Communications expenditures are at 78.9% percent because one of their largest expenditures (a software support contract) has been made for the fiscal year. - Risk Management expenditures are at 70.8% because a large portion of the fund’s expenditures are one-time payments for insurance coverage made at the beginning of the fiscal year. 6 Fund Balance Summary Fund FY 2025/26 FY 2025/26 Quarter 2 Adopted Balance Year-to-Date Year-to-Date Ending Ending 06/30/25 Revenues Expenditures Balance Balance General Fund $ 14,437,445 $ 21,640,621 $ 22,734,211 $ 13,343,855 $ 10,904,767 Special Revenue Funds: Local Option Tax $ 9,830,025 $ 5,212,287 $ 5,093,482 $ 9,948,830 $ 5,414,183 Hotel Motel Tax 1,845,983 1,471,842 1,615,539 1,702,286 2,163,490 Road Use Tax 9,912,770 4,103,649 5,052,269 8,964,150 2,353,883 Bike Licenses - - - - - Police Forfeiture 167,301 22,898 26,277 163,922 154,657 Public Safety Donations and Grants (6,681) 66,049 32,211 27,157 7,494 Animal Shelter Donations 161,950 44,758 - 206,708 151,015 New Animal Shelter Donations 462,350 2,028,348 67,253 2,423,445 - City-Wide Housing 383,349 - 17,674 365,675 359,653 CDBG Program (12,030) 153,364 611,285 (469,951) - HOME Program - - 12,279 (12,279) - Fire/Police Retirement - - - - - Parks/Recreation Grants (193,869) 8,083 4,584 (190,370) - Parks/Recreation Donations 213,148 103,661 104,300 212,509 13,824 Parks/Recreation Scholarships 505,117 28,645 - 533,762 508,059 American Rescue Plan 3,361,482 - 263,225 3,098,257 2,748,750 Library Donations and Grants 487,049 164,333 123,077 528,305 533,100 Utility Assistance 22,932 14,414 1,995 35,351 18,010 Public Art Donations 32 3,920 - 3,952 32 Developer Projects Fund 248,981 1,003 - 249,984 249,758 Economic Development 547,166 28,031 28,031 547,166 547,166 Tax Increment Financing 1,257,007 272,618 249,522 1,280,103 940,359 Total Special Revenue Funds $ 29,194,062 $ 13,727,903 $ 13,303,003 $ 29,618,962 $ 16,163,433 Capital Project Funds: Special Assessments $ (582,647) $ 187,686 $ - $ (394,961) $ (499,926) Street Construction (1,405,430) 169,755 1,901,276 (3,136,951) 294,325 Park Development 583,894 10,064 54,190 539,768 836,469 Winakor Donation 2,039,725 37,492 - 2,077,217 1,902,299 Indoor Aquatic Center Donations 583,189 267,887 477,571 373,505 54,813 Council Priorities Capital Fund 8,325,982 150,074 215,030 8,261,026 5,075,399 General Obligation Bonds 23,398,234 14,239,721 8,526,063 29,111,892 3,237,234 Total Capital Project Funds $ 32,942,947 $ 15,062,679 $ 11,174,130 $ 36,831,496 $ 10,900,613 Permanent Funds: Cemetery Perpetual Care $ 1,132,565 $ 12,080 $ - $ 1,144,645 $ 1,161,080 Furman Aquatic Center Trust 1,165,905 21,290 9,160 1,178,035 1,169,931 Total Permanent Funds $ 2,298,470 $ 33,370 $ 9,160 $ 2,322,680 $ 2,331,011 7 Fund Balance Summary, continued Fund FY 2025/26 FY 2025/26 Quarter 2 Adopted Balance Year-to-Date Year-to-Date Ending Ending 06/30/25 Revenues Expenditures Balance Balance Enterprise Funds: Airport Operations $ 81,968 $ 64,881 $ 73,727 $ 73,122 $ 81,967 Airport Improvements 628,633 277,771 891,970 14,434 324,940 Airport Sigler Reserve 2,931,422 52,288 - 2,983,710 2,869,123 Water Utility 21,768,679 9,709,414 6,020,575 25,457,518 17,169,444 Water Construction 187,703 - 2,324,965 (2,137,262) 185,533 Water Sinking 265,970 1,160,375 480,750 945,595 188,957 Sewer Utility 26,119,251 8,742,189 3,572,030 31,289,410 25,960,686 Sewer Improvements (7,784,045) 9,255,644 11,253,193 (9,781,594) - Sewer Sinking 114,181 357,146 425,401 45,926 12,632 Electric Utility 58,022,424 36,221,655 37,494,567 56,749,512 38,470,744 Electric Sinking 80,518 241,519 25,538 296,499 80,685 SunSmart Community Solar 1,004,830 87,237 81,315 1,010,752 959,532 Electric Sustainability Reserve 2,555,160 46,085 - 2,601,245 2,570,107 Parking Operations 106,490 479,667 463,659 122,498 129,178 Parking Capital Reserve 1,290,554 23,208 - 1,313,762 1,282,578 Transit Operations 8,707,243 3,478,624 7,651,594 4,534,273 6,671,523 Transit Student Government Trust 1,529,822 28,173 - 1,557,995 1,508,475 Transit Capital Reserve 15,283,975 1,271,183 1,916,324 14,638,834 10,399,542 Stormwater Utility 8,753,028 1,027,769 1,475,542 8,305,255 1,692,367 Stormwater Improvements (40,000) 345,271 795,315 (490,044) - Ames/ISU Ice Arena 359,045 343,801 349,137 353,709 459,193 Ice Arena Capital Reserve 71,283 428 7,266 64,445 135,317 Homewood Golf Course 964,414 268,279 187,892 1,044,801 985,053 Resource Recovery 1,825,496 1,982,399 2,106,556 1,701,339 1,075,710 Resource Recovery Improvements (65,587) (227) 511,597 (577,411) - Total Enterprise Funds $144,762,457 $ 75,464,779 $ 78,108,913 $142,118,323 $113,213,286 Debt Service $ 3,834,328 $ 6,890,598 $ 1,444,517 $ 9,280,409 $ 3,915,144 Internal Service Funds: Fleet Services $ 100,378 $ 984,211 $ 1,273,307 $ (188,718) $ 183,511 Fleet Replacement Reserve 13,350,453 1,283,294 874,520 13,759,227 12,443,989 Fleet Services Reserve 1,761,752 270,899 160,000 1,872,651 1,639,703 Information Technology 120,002 1,015,462 1,103,246 32,218 120,000 Technology Replacement Reserve 2,364,596 144,784 173,331 2,336,049 2,325,007 Shared Communications (2) (85,497) 315,738 (401,237) - Information Technology Reserve 1,919,103 64,701 93,017 1,890,787 1,452,069 Risk Management 4,093,500 1,853,663 2,585,182 3,361,981 4,142,680 Health Insurance 7,919,257 7,319,634 7,138,623 8,100,268 7,850,700 Total Internal Service Funds $ 31,629,039 $ 12,851,151 $ 13,716,964 $ 30,763,226 $ 30,157,659 Totals $259,098,748 $145,671,101 $ 140,490,898 $264,278,951 $187,585,913 Fund Balance: The net assets of a fund calculated on a budgetary basis and used as a measure of financial resources available in the fund. 8 Revenue Summary by Fund FY 2024/25 FY 2025/26 % of Actual Actual at Adopted Adjusted Actual at Actual to (full year) 12/31/25 Budget Budget 12/31/25 Adjusted General Fund $ 46,425,916 $ 20,861,592 $ 47,465,237 $ 47,465,237 $ 21,640,621 45.6% Special Revenue Funds: Local Option Tax $ 12,011,678 $ 4,971,447 $ 12,558,616 $ 12,558,616 $ 5,212,287 41.5% Hotel Motel Tax 3,027,969 1,512,873 2,773,000 2,773,000 1,471,842 53.1% Road Use Tax 9,407,604 4,055,004 9,504,055 9,504,055 4,103,649 43.2% Bike Licenses - - - - - Police Forfeiture 25,915 23,738 10,000 10,000 22,898 229.0% Public Safety Donations and Grants 42,239 7,193 48,000 48,000 66,049 137.6% Animal Shelter Donations 139,894 45,245 79,000 79,000 44,758 56.7% New Animal Shelter Donations 462,350 - 1,500,000 1,500,000 2,028,348 135.2% City-Wide Housing - - 500 500 - 0.0% CDBG Program 590,163 46,986 684,122 684,122 153,364 22.4% HOME Program 1,948,389 - 256,483 256,483 - 0.0% IEDA/COVID-19 - - - - - HOME/American Rescue Plan - - 630,983 630,983 - 0.0% Fire/Police Retirement 173 173 - - - Parks/Recreation Grants 48,804 17,479 567,900 567,900 8,083 1.4% Parks/Recreation Donations 210,140 84,761 93,912 93,912 103,661 110.4% Parks/Recreation Scholarships 224,058 8,895 11,000 11,000 28,645 260.4% American Rescue Plan - - - - - Library Donations and Grants 338,838 188,389 485,131 485,131 164,333 33.9% Utility Assistance 24,198 12,655 15,500 15,500 14,414 93.0% Public Art Donations - - - - 3,920 Developer Projects 2,723 895 1,500 1,500 1,003 66.9% Economic Development 28,031 28,031 28,032 28,032 28,031 100.0% Tax Increment Financing 420,049 198,075 595,000 595,000 272,618 45.8% Total Special Revenue Funds $ 28,953,215 $ 11,201,839 $ 29,842,734 $ 29,842,734 $ 13,727,903 46.0% Capital Project Funds: Special Assessments $ 303,875 $ 222,500 $ 209,414 $ 209,414 $ 187,686 89.6% Street Construction 4,098,209 976,720 3,786,000 3,786,000 169,755 4.5% Park Development 126,400 8,291 115,000 115,000 10,064 8.8% Winakor Donation 91,060 25,019 45,000 45,000 37,492 83.3% Indoor Aquatic Center Donations 3,980,338 1,588,778 800,000 800,000 267,887 33.5% Council Priorities Capital Fund 4,722,105 84,051 60,000 60,000 150,074 250.1% General Obligation Bonds 20,127,571 19,275,089 15,270,000 15,270,000 14,239,721 93.3% Total Capital Project Funds $ 33,449,558 $ 22,180,448 $ 20,285,414 $ 20,285,414 $ 15,062,679 74.3% Permanent Funds: Cemetery Perpetual Care $ 23,305 $ 8,640 $ 26,250 $ 26,250 $ 12,080 46.0% Furman Aquatic Center Trust 58,670 19,369 35,000 35,000 21,290 60.8% Total Permanent Funds $ 81,975 $ 28,009 $ 61,250 $ 61,250 $ 33,370 54.5% 9 Revenue Summary by Fund, continued FY 2024/25 FY 2025/26 % of Actual Actual at Adopted Adjusted Actual at Actual to (full year) 12/31/24 Budget Budget 12/31/25 Adjusted Enterprise Funds: Airport Operations $ 337,952 $ 60,946 $ 326,467 $ 326,467 $ 64,881 19.9% Airport Improvements 2,454,278 (522,862) 10,770,941 10,770,941 277,771 2.6% Airport Sigler Reserve 144,355 47,720 75,000 75,000 52,288 69.7% Water Utility 15,976,866 7,628,472 17,181,604 17,181,604 9,709,414 56.5% Water Construction 812,292 200,566 - - - Water Sinking 4,512,258 2,256,129 4,640,852 4,640,852 1,160,375 25.0% Sewer Utility 13,621,578 6,137,656 13,553,800 13,553,800 8,742,189 64.5% Sewer Improvements 15,990,677 2,071,122 26,240,000 26,240,000 9,255,644 35.3% Sewer Sinking 1,576,522 715,761 1,428,532 1,428,532 357,146 25.0% Electric Utility 71,873,621 34,277,371 77,098,000 77,098,000 36,221,655 47.0% Electric Sinking 966,213 483,106 966,253 966,253 241,519 25.0% SunSmart Community Solar 193,747 102,550 178,000 178,000 87,237 49.0% Electric Sustainability Reserve 125,053 41,089 70,000 70,000 46,085 65.8% Parking Operations 861,112 434,724 1,030,800 1,030,800 479,667 46.5% Parking Capital Reserve 62,975 20,692 30,000 30,000 23,208 77.4% Transit Operations 16,024,937 4,909,514 15,686,069 15,686,069 3,478,624 22.2% Transit Student Government Trust 499,492 17,783 19,000 19,000 28,173 148.3% Transit Capital Reserve 2,840,336 213,038 5,409,056 5,409,056 1,271,183 23.5% Stormwater Utility 2,520,474 1,022,798 2,218,500 2,218,500 1,027,769 46.3% Stormwater Improvements - - 400,000 400,000 345,271 86.3% Ames/ISU Ice Arena 678,162 285,140 694,595 694,595 343,801 49.5% Ice Arena Capital Reserve 84,804 1,792 83,000 83,000 428 0.5% Homewood Golf Course 614,954 268,388 578,956 578,956 268,279 46.3% Resource Recovery 5,308,335 2,115,211 5,517,828 5,517,828 1,982,399 35.9% Res Recovery Improvements - - - - (227) Total Enterprise Funds $158,080,993 $ 62,788,706 $184,197,253 $184,197,253 $ 75,464,779 41.0% Debt Service $ 13,385,488 $ 6,600,689 $ 13,479,696 $ 13,479,696 $ 6,890,598 51.1% Internal Service Funds: Fleet Services $ 2,637,295 $ 880,180 $ 2,880,656 $ 2,880,656 $ 984,211 34.2% Fleet Replacement Reserve 2,643,704 850,031 2,458,721 2,458,721 1,283,294 52.2% Fleet Services Reserve 730,389 237,125 400,000 400,000 270,899 67.7% Information Technology 2,314,038 19,439 1,979,252 1,979,252 1,015,462 51.3% Technology Replacement Reserve 334,913 - 326,676 326,676 144,784 44.3% Shared Communications 367,399 (51,987) 400,000 400,000 (85,497) -21.4% Information Technology Reserve 629,876 47,392 70,000 70,000 64,701 92.4% Risk Management 3,490,502 597,793 3,745,829 3,745,829 1,853,663 49.5% Health Insurance 13,764,065 6,705,903 13,154,161 13,154,161 7,319,634 55.6% Total Internal Service Funds $ 26,912,181 $ 9,285,876 $ 25,415,295 $ 25,415,295 $ 12,851,151 50.6% Totals $307,289,326 $132,947,159 $320,746,879 $320,746,879 $145,671,101 45.4% 10 Expenditure Summary by Fund FY 2024/25 FY 2025/26 % of Actual Actual at Adopted Adjusted Actual at Actual to (full year) 12/31/24 Budget Budget 12/31/25 Adjusted General Fund $ 48,925,753 $ 20,425,997 $ 47,465,237 $ 49,926,492 $ 22,734,211 45.5% Special Revenue Funds: Local Option Tax $ 12,874,887 $ 5,063,017 $ 12,514,377 $ 17,028,876 $ 5,093,482 29.9% Hotel Motel Tax 3,114,588 1,748,669 2,580,261 2,658,212 1,615,539 60.8% Road Use Tax 8,911,230 4,352,510 11,225,779 16,633,080 5,052,269 30.4% Bike Licenses 10,026 - - - - Police Forfeiture 31,272 3,244 12,000 12,000 26,277 219.0% Public Safety Donations and Grants 54,590 17,353 48,000 48,000 32,211 67.1% Animal Shelter Donations 120,957 33,797 80,500 80,500 - 0.0% New Animal Shelter Donations - - 1,500,000 4,500,000 67,253 1.5% City-Wide Housing 33,519 10,876 29,410 29,410 17,674 60.1% CDBG Program 667,670 76,743 684,122 684,122 611,285 89.4% HOME Program 1,948,389 1,901,630 256,483 256,483 12,279 4.8% HOME/American Rescue Plan - - 630,983 630,983 - 0.0% Fire/Police Retirement 16,067 - - - - Parks/Recreation Grants 48,904 13,701 567,900 567,900 4,584 0.8% Parks/Recreation Donations 139,084 17,390 87,000 283,466 104,300 36.8% Parks/Recreation Scholarships - - - - - American Rescue Plan 2,789,825 (126,355) - 612,732 263,225 43.0% Library Donations and Grants 362,644 147,558 471,831 471,831 123,077 26.1% Utility Assistance 19,275 4,218 15,500 15,500 1,995 12.9% Public Art Donations 3,950 3,950 - - - Developer Projects Fund - - - - - Economic Development 28,032 28,031 28,032 28,032 28,031 100.0% Tax Increment Financing 680,000 173,975 882,550 882,550 249,522 0 Total Special Revenue Funds $ 31,854,909 $ 13,470,307 $ 31,614,728 $ 45,423,677 $ 13,303,003 29.3% Capital Project Funds: Special Assessments $ 44,928 $ - $ 49,400 $ 49,400 $ - 0.0% Street Construction 3,738,095 1,607,953 3,786,000 11,357,443 1,901,276 16.7% Park Development 93,884 85,006 - 130,330 54,190 41.6% Winakor Donation - 23,988 139,366 139,366 - 0.0% Indoor Aquatic Center Donations 3,413,086 1,573,576 800,000 800,000 477,571 59.7% Council Priorities Capital Fund 1,121,803 - 1,750,000 3,065,278 215,030 7.0% General Obligation Bonds 18,660,849 8,275,577 18,240,213 33,075,940 8,526,063 25.8% Total Capital Project Funds $ 27,072,645 $ 11,566,100 $ 24,764,979 $ 48,617,757 $ 11,174,130 23.0% Permanent Funds: Cemetery Perpetual Care $ - $ - $ - $ - $ - Furman Aquatic Center Trust 16,696 - - - 9,160 Total Permanent Funds $ 16,696 $ - $ - $ - $ 9,160 11 Expenditure Summary by Fund, continued FY 2024/25 FY 2025/26 % of Actual Actual at Adopted Adjusted Actual at Actual to (full year) 12/31/24 Budget Budget 12/31/25 Adjusted Enterprise Funds: Airport Operations $ 321,546 $ 58,164 $ 326,467 $ 326,467 $ 73,727 22.6% Airport Improvements 2,619,376 707,644 10,784,250 12,879,179 891,970 6.9% Airport Sigler Reserve 65,956 - 67,945 67,945 - 0.0% Water Utility 14,647,028 6,391,642 19,971,633 25,618,815 6,020,575 23.5% Water Construction 1,099,010 273,581 - 4,457,757 2,324,965 52.2% Water Sinking 4,421,563 506,334 4,641,500 4,641,500 480,750 10.4% Sewer Utility 10,437,871 4,765,649 10,672,882 13,144,554 3,572,030 27.2% Sewer Improvements 18,632,233 3,498,085 26,240,000 43,736,485 11,253,193 25.7% Sewer Sinking 1,474,202 193,318 1,428,582 1,428,582 425,401 29.8% Electric Utility 70,608,757 30,626,790 80,411,931 98,240,328 37,494,567 38.2% Electric Sinking 966,213 35,606 966,075 966,075 25,538 2.6% SunSmart Community Solar 189,638 85,104 185,602 185,602 81,315 43.8% Electric Sustainability Reserve - - - - - Parking Operations 882,345 394,168 1,031,607 1,059,107 463,659 43.8% Parking Capital Reserve - - - - - Transit Operations 17,175,531 6,972,267 16,492,130 16,492,130 7,651,594 46.4% Transit Student Government Trust - - - - - Transit Capital Reserve 992,814 421,401 6,510,563 17,817,882 1,916,324 10.8% Stormwater Utility 1,691,520 701,145 3,137,255 8,619,453 1,475,542 17.1% Stormwater Improvements 40,000 - 400,000 1,660,000 795,315 47.9% Ames/ISU Ice Arena 602,501 266,308 595,249 595,249 349,137 58.7% Ice Arena Capital Reserve 137,607 10,816 - 16,268 7,266 44.7% Homewood Golf Course 361,003 152,317 406,229 481,229 187,892 39.0% Resource Recovery 4,931,963 2,280,739 5,577,633 5,933,796 2,106,556 35.5% Res Recovery Improvements 65,587 - - 880,000 511,597 58.1% Total Enterprise Funds $152,364,264 $ 58,341,078 $189,847,533 $259,248,403 $ 78,108,913 30.1% Debt Service $ 13,421,870 $ 1,276,366 $ 14,092,994 $ 14,092,994 $ 1,444,517 10.2% Internal Service Funds: Fleet Services $ 2,650,183 $ 1,106,838 $ 2,840,656 $ 2,840,656 $ 1,273,307 44.8% Fleet Replacement Reserve 2,645,205 1,246,705 2,835,300 3,992,000 874,520 21.9% Fleet Services Reserve 128,339 28,339 100,000 160,000 160,000 100.0% Information Technology 2,314,038 1,047,074 1,979,252 1,979,252 1,103,246 55.7% Technology Replacement Reserve 262,814 135,890 250,800 363,150 173,331 47.7% Shared Communications 367,401 267,866 400,000 400,000 315,738 78.9% Information Technology Reserve 169,518 18,203 130,000 168,035 93,017 55.4% Risk Management 3,352,993 2,464,962 3,650,429 3,650,429 2,585,182 70.8% Health Insurance 13,916,864 5,804,683 12,548,612 12,548,612 7,138,623 56.9% Total Internal Service Funds $ 25,807,355 $ 12,120,560 $ 24,735,049 $ 26,102,134 $ 13,716,964 52.6% Totals $299,463,492 $117,200,408 $332,520,520 $443,411,457 $140,490,898 31.7% 12