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From YouTube: City of Bloomington, IL - Budget 101 Part 2
Description
The City of Bloomington just kicked off it’s 2022 Budget review to determine how it will allocate more than $240 million during its next fiscal year. This 4-part series is designed to give residents a general overview of the budget and how it’s designed so you can have a clear idea of where your tax dollars are proposed to be spent.
A
This
is
the
city
of
bloomington
budget
101,
four-part,
series
video,
this
video
is
part,
two
financial
structures
and
key
concepts
using
fy
2021
or
fiscal
2021
as
an
example.
These
are
the
key
components
of
the
budget.
The
total
budget
city-wide
is
just
over
230
million
dollars.
That's
an
increase
of
nearly
three
million
dollars
over
the
fiscal
2020
adopted
budget
or
1.2
percent.
A
The
general
fund
budget
for
fiscal
2021
is
just
over
110
million
dollars.
That's
an
increase
of
just
over
a
million
dollars
from
fiscal
2020
or
1.1
percent.
Other
highlights
of
the
budget
include
capital
projects,
totaling
41
million
dollars.
That's
an
increase
of
nearly
1
million
dollars
over
fiscal
2020..
A
A
A
Special
revenue
funds
include
state
motor
fuel
tax,
board
of
elections,
drug
enforcement,
community
development,
ida
grants,
library,
park
dedication
and
the
tiffs
that
the
city
currently
has
debt
service
funds
include
general
bond
and
interest.
The
arena
bond
redemption
fund,
which
is
tracked
separately,
and
the
multi-project
bond
redemption
fund
capital
project
funds
include
the
capital,
improvement
fund,
capital,
lease
funds
and
capital
improvement,
which
is
the
asphalt
and
concrete
fund.
A
Enterprise
funds
include
water,
sewer,
storm
water,
solid
waste,
the
abraham
lincoln
parking
facility.
The
golf
fund,
which
is
made
up
of
the
three
city,
golf
courses
and
the
arena
internal
service
funds,
include
casualty
insurance
and
the
employee
and
retiree
group
health
care.
The
loan
fiduciary
fund
is
the
john
m
scott
health
care
fund.
A
Now
we'll
talk
about
fund
relationships
as
related
to
the
city
financial
structure.
Some
examples
include
the
general
fund,
the
special
revenue
funds,
debt
service
funds,
capital
project
funds,
enterprise
funds,
internal
service
funds
and
the
fiduciary
fund.
The
general
fund
is
funded
by
taxes,
direct
fees
and
enterprise
allocations.
A
A
A
Now,
let's
talk
about
some
definitions
and
concepts,
accounting
basic
budgeting
is
done
on
the
modified
cash
basis.
This
ensures
that
dollars
spent
are
recognized
and
expensed
during
the
city's
fiscal
year
in
accrual
accounting.
Items
such
as
fixed
assets
would
be
posted
to
a
balance
sheet
account
and
recognized
over
time,
resulting
in
a
delay
in
expense.
Recognition
by
utilizing
the
modified
cash
basis.
Managers
are
better
able
to
monitor
activity
during
the
year
at
the
end
of
the
year
in
a
period
that
will
not
affect
budget
reporting,
transactions
are
reclassified.
A
A
Fund
balance
is
the
accumulated
reserve's
savings
of
a
fund.
The
government,
financial
officers,
association
or
gfoa
recommends
two
months
of
reserves
for
the
general
fund
or
about
16.7
percent
of
annual
expenditures
on
a
110
million
dollar
budget
which
we
are
using
in
our
example.
This
would
result
in
a
goal
of
about
18.4
million
held
in
reserve.
A
Let's
explain
a
little
bit
more
with
the
use
of
fund
balance.
In
some
instance,
instances
fund
balance
will
be
used
to
balance
the
budget.
This
is
a
planned
use
of
those
reserves.
This
can
be
confusing,
as
the
budget
will
show
fund
balance
as
a
source
of
funds
for
the
year,
all
things
being
equal
in
a
year
where
there
was
500
thousand
planned
to
use
a
fund
balance
at
the
end
of
the
year.
A
That
fund
will
reflect
the
deficit
or
a
loss
of
five
hundred
thousand
dollars
on
its
fund
balance
from
the
beginning
of
the
fiscal
year.
Thank
you
for
your
interest.
In
the
city
of
bloomington's
budgeting
process,
additional
budget
information
can
be
found
on
the
finance
page
of
the
city's
website
at
cityblm.org.