{"id":28296,"date":"2016-05-25T12:26:21","date_gmt":"2016-05-25T16:26:21","guid":{"rendered":"http:\/\/www.southsidecentral.com\/wordpress\/?p=28296"},"modified":"2016-05-25T12:26:21","modified_gmt":"2016-05-25T16:26:21","slug":"breakdown-danvilles-general-fund-52516","status":"publish","type":"post","link":"https:\/\/www.southsidecentral.com\/wordpress\/2016\/05\/25\/breakdown-danvilles-general-fund-52516\/","title":{"rendered":"BreakDown: Danville&#8217;s General Fund (5\/25\/16)"},"content":{"rendered":"<p>Despite what you hear from some people, the City of Danville isn&#8217;t broke nor is it in bad financial shape. It&#8217;s quite the opposite. In this article, we&#8217;ll take a look at the city&#8217;s general fund and analyze what it really means.<\/p>\n<p>We call this a BreakDown.<\/p>\n<p><!--more--><\/p>\n<p>You can&#8217;t analyze a general fund statement without having a general fund statement, so here you go!<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/i.imgur.com\/AxBMbjl.png?resize=587%2C836\" width=\"587\" height=\"836\" \/><\/p>\n<p>Lots of numbers. Now, let&#8217;s get some analysis and we&#8217;ll put it on a Big Board.<\/p>\n<ul>\n<li>Starting at the top, don&#8217;t look at the revenues &amp; expenditures and think Danville is spending more than they have. Just because it&#8217;s around a $5 million difference between what&#8217;s coming in and what&#8217;s going out now, that&#8217;s normal. The second half of property taxes are just now starting to come in.<\/li>\n<li>One major expenditure increase has been the city&#8217;s health insurance costs. That&#8217;s up $1.4 million from last year. The city is self-insured, so they pay out routine medical claims from their own money. There is a stop-loss policy in effect so that the city wouldn&#8217;t get stuck paying a super-large medical claim, though.<\/li>\n<li>As of April 30th, the city had $43,143,332.10 in the general fund. The city is required by policy to keep 20% of the budgeted general fund operating reserves completely untouchable (except for dire emergencies, and even then that 20% balance has to be restored quickly). Bond and credit rating companies love to see that kind of last-ditch reserve levels. That required no-touch money is around $19.5 million, by the way.<\/li>\n<li>City Council can also freeze out parts of the general fund balance for projects and obligations. &#8220;Committed&#8221; funds are frozen out for projects, but that money isn&#8217;t obligated and can be unfrozen back into the usable general fund balance at any time. As of now, Council has two major things in the &#8220;Committed&#8221; column, one being $1.5 million for the city&#8217;s share in a new\/renovated GW football stadium and the other being $3,000,000 for &#8220;budget stabilization&#8221;.<\/li>\n<li>That $3 million for budget stabilization is pretty much just an extra precaution that will never be needed. It&#8217;s just in case the city&#8217;s tax collections or revenues go out of whack badly. Considering that there&#8217;s already $13 million in the general fund that can be used with no problem, the $3 million for &#8220;budget stabilization&#8221; is just a feel-good insurance policy.<\/li>\n<li>The other part of the frozen out money is the &#8220;Assigned&#8221; list. That&#8217;s money that city management and the finance team haven&#8217;t frozen out on their own because they have a direct need for that money. The two major parts in the &#8220;Assigned&#8221; list are about $2 million for bills that the city owes and haven&#8217;t paid yet (encumbrances) and $2.85 million for Job Bust repayments to the Tobacco Commission.<\/li>\n<li>We&#8217;re left with $32,515,345.10 once we take all the things out that can&#8217;t or shouldn&#8217;t be touched. We subtract the mandatory minimum from that and we&#8217;re left with $13,012,485.30<\/li>\n<li>That&#8217;s right. The city has $13 million in spendable cash if they wanted to spend it. That&#8217;s another factor that bond and credit rating companies love to see.<\/li>\n<li>Danville&#8217;s city council has never gone on a spending spree for ridiculous things, so it&#8217;s safe to say that money will pretty much sit where it is. But if there ever comes a project that needs quick cash between budget cycles, the money is there to cover it.<\/li>\n<\/ul>\n<p>So there you go. A comprehensive look at Danville&#8217;s general fund and direct proof that the city is in very good financial shape.<\/p>\n<p>Now you see and know the truth. That&#8217;s why we did this BreakDown.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/i.imgur.com\/KuEywg6.jpg?resize=450%2C298\" width=\"450\" height=\"298\" \/><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Despite what you hear from some people, the City of Danville isn&#8217;t broke nor is it in bad financial shape. It&#8217;s quite the opposite. In this article, we&#8217;ll take a look at the city&#8217;s general fund and analyze what it really means.<\/p>\n<p>We call this a BreakDown.<\/p>\n<p> [&#8230;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[101],"tags":[],"class_list":["post-28296","post","type-post","status-publish","format-standard","hentry","category-breakdown","odd"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pwqFk-7mo","jetpack_sharing_enabled":true,"jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":94104,"url":"https:\/\/www.southsidecentral.com\/wordpress\/2019\/11\/30\/breakdown-danville-aint-broke\/","url_meta":{"origin":28296,"position":0},"title":"BreakDown: Danville Ain&#8217;t Broke!","author":"SouthsideCentral","date":"November 30, 2019","format":false,"excerpt":"Do you think that the City of Danville is broke? Have you heard that Danville City Council is irresponsible with Danville's money? Have you read a Usual Suspect saying that Danville will be bankrupt in less than five years? Tell them they're full of horsecrap and to go fark off.\u2026","rel":"","context":"In &quot;BreakDown&quot;","block_context":{"text":"BreakDown","link":"https:\/\/www.southsidecentral.com\/wordpress\/category\/featurescentral\/breakdown\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.southsidecentral.com\/wordpress\/wp-content\/uploads\/2019\/11\/scbreakdown.jpg?fit=450%2C298&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":16093,"url":"https:\/\/www.southsidecentral.com\/wordpress\/2016\/01\/28\/breakdown-the-city-of-danvilles-bank-account\/","url_meta":{"origin":28296,"position":1},"title":"BreakDown: The City of Danville&#8217;s &#8220;Bank Account&#8221;","author":"SouthsideCentral","date":"January 28, 2016","format":false,"excerpt":"Contrary to what a lot of people say and\/or think, the City of Danville is not \"in debt\" or \"broke\". Let's take a comprehensive look at the city's general fund balance in this BreakDown\/NumbersCentral and see exactly what the dollar amounts say. You can't have the NumbersCentral part of this\u2026","rel":"","context":"In &quot;BreakDown&quot;","block_context":{"text":"BreakDown","link":"https:\/\/www.southsidecentral.com\/wordpress\/category\/featurescentral\/breakdown\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/i.imgur.com\/4j0FG0l.png?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/i.imgur.com\/4j0FG0l.png?resize=350%2C200 1x, https:\/\/i0.wp.com\/i.imgur.com\/4j0FG0l.png?resize=525%2C300 1.5x"},"classes":[]},{"id":14701,"url":"https:\/\/www.southsidecentral.com\/wordpress\/2015\/12\/08\/breakdown-chasing-natty-greenes\/","url_meta":{"origin":28296,"position":2},"title":"BreakDown: Chasing Natty Greene&#8217;s","author":"SouthsideCentral","date":"December 8, 2015","format":false,"excerpt":"Landing a brewpub in Danville isn't easy. Landing a big business brewpub in Danville isn't easy, and it isn't cheap. Let's do a BreakDown and tell you what's going on. One of the biggest secrets that really isn't a secret is that Danville is a finalist city in getting a\u2026","rel":"","context":"In &quot;BreakDown&quot;","block_context":{"text":"BreakDown","link":"https:\/\/www.southsidecentral.com\/wordpress\/category\/featurescentral\/breakdown\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/i.imgur.com\/KuEywg6.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":17037,"url":"https:\/\/www.southsidecentral.com\/wordpress\/2016\/02\/08\/breakdown-danville-utilities-power-cost-adjustment-fund\/","url_meta":{"origin":28296,"position":3},"title":"BreakDown: Danville Utilities&#8217; Power Cost Adjustment Fund","author":"SouthsideCentral","date":"February 8, 2016","format":false,"excerpt":"Being $10.7 million in debt is bad, but it's better than being $19.1 million in debt. That's where Danville Utilities finds themselves in their Power Cost Adjustment fund. In this BreakDown article, we'll take a detailed look at that fund and see exactly what it means to Danville Utilities and\u2026","rel":"","context":"In &quot;BreakDown&quot;","block_context":{"text":"BreakDown","link":"https:\/\/www.southsidecentral.com\/wordpress\/category\/featurescentral\/breakdown\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/i.imgur.com\/DFCh5ea.png?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/i.imgur.com\/DFCh5ea.png?resize=350%2C200 1x, https:\/\/i0.wp.com\/i.imgur.com\/DFCh5ea.png?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/i.imgur.com\/DFCh5ea.png?resize=700%2C400 2x"},"classes":[]},{"id":33015,"url":"https:\/\/www.southsidecentral.com\/wordpress\/2016\/07\/25\/breakdown-selling-electricity-aint-easy\/","url_meta":{"origin":28296,"position":4},"title":"Breakdown: Selling Electricity Ain&#8217;t Easy","author":"SouthsideCentral","date":"July 25, 2016","format":false,"excerpt":"In the business world, it's hard to predict the demand for your product... even if it's a product that people must have to run their daily lives. We're going to take a comprehensive look at how the demand for electricity sold by Danville Utilities was greatly affected by the weather\u2026","rel":"","context":"In &quot;BreakDown&quot;","block_context":{"text":"BreakDown","link":"https:\/\/www.southsidecentral.com\/wordpress\/category\/featurescentral\/breakdown\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/i.imgur.com\/6yC6Y8a.png?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/i.imgur.com\/6yC6Y8a.png?resize=350%2C200 1x, https:\/\/i0.wp.com\/i.imgur.com\/6yC6Y8a.png?resize=525%2C300 1.5x, https:\/\/i0.wp.com\/i.imgur.com\/6yC6Y8a.png?resize=700%2C400 2x"},"classes":[]},{"id":24537,"url":"https:\/\/www.southsidecentral.com\/wordpress\/2016\/05\/04\/breakdown-the-danvilleduke-energy-settlement\/","url_meta":{"origin":28296,"position":5},"title":"BreakDown: The Danville\/Duke Energy Settlement","author":"SouthsideCentral","date":"May 4, 2016","format":false,"excerpt":"We've got our copy of the official Danville\/Duke Energy settlement agreement for the coal ash spill. Let's look at it and then do a comprehensive look at what's in it. Let's do a BreakDown. We covered a lot of the reasoning behind this settlement in the article from two weeks\u2026","rel":"","context":"In &quot;BreakDown&quot;","block_context":{"text":"BreakDown","link":"https:\/\/www.southsidecentral.com\/wordpress\/category\/featurescentral\/breakdown\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/i.imgur.com\/KuEywg6.jpg?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.southsidecentral.com\/wordpress\/wp-json\/wp\/v2\/posts\/28296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.southsidecentral.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.southsidecentral.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.southsidecentral.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.southsidecentral.com\/wordpress\/wp-json\/wp\/v2\/comments?post=28296"}],"version-history":[{"count":2,"href":"https:\/\/www.southsidecentral.com\/wordpress\/wp-json\/wp\/v2\/posts\/28296\/revisions"}],"predecessor-version":[{"id":28298,"href":"https:\/\/www.southsidecentral.com\/wordpress\/wp-json\/wp\/v2\/posts\/28296\/revisions\/28298"}],"wp:attachment":[{"href":"https:\/\/www.southsidecentral.com\/wordpress\/wp-json\/wp\/v2\/media?parent=28296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.southsidecentral.com\/wordpress\/wp-json\/wp\/v2\/categories?post=28296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.southsidecentral.com\/wordpress\/wp-json\/wp\/v2\/tags?post=28296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}