General Fund Budgetary Highlights Total actual revenues were more than budgeted revenues by $264,336. Licenses and Permits, Intergovernmental Charges for Services, Public Charges for Services, Intergovernmental Revenue, Fines and Forfeitures and Taxes exceeded budget by $109,745, $87,487, $42,096, $5,736, $2,480 and $432 respectively. Donations and Investment Income were less than budgeted by $1,000 and $925, respectively. Actual expenditures were less than budgeted expenditures by $662,163. The Public Works, Public Safety, General Government, Community Enrichment Services and Conservation and Development program areas had favorable variances of $113,567, $103,612, $30,504, $12,392 and $7,141 respectively. The Contingency account also had a favorable variance of $394,927. No program area expenses exceeded the budget. Because expenditures were less than budgetary estimates, the need to draw upon the full fund balance amount of $1,320,423 that was identified in the 2016 budget was not required. The favorable variance in revenues and expenditures decreased the General Fund’s fund balance by $398,640. Capital Asset and Debt Administration Capital assets. The Village of Grafton’s investment in capital assets for its governmental and business type activities as of December 31, 2016, equals $94,094,229 net of accumulated depreciation. This investment in capital assets includes land, buildings, Improvements other than buildings, machinery and equipment, infrastructure, and construction in progress. The total decrease in the Village of Grafton’s investment in capital assets for the current fiscal year totaled $847,074 net of depreciation, or a 0.9 percent increase. Capital assets for Governmental Activities decreased by $1,130,518 primarily because the Village transferred property located in TID No. 3 to a private developer in lieu of a cash incentive. Business-type activities capital assets increased minimally by $283,444. For further details on capital asset activity, refer to Note III (D) of the Notes to Financial Statements. Village of Grafton's Capital Assets Governmental Business-type Activities Activities Total 2016 2015 2016 2015 2016 2015 Land, including easements 13,306,531 $ 15,069,144 $ 538,255 $ 538,255 $ 13,844,786 $ 15,607,399 $ Buildings, improvements and equipment 29,741,837 29,238,834 55,129,861 52,018,427 84,871,698 81,257,261 Infrastructure 37,604,839 36,546,028 - - 37,604,839 36,546,028 Construction in progress 0 27,211 5,240 160,341 5,240 187,552 Total Capital Assets 80,653,207 80,881,217 55,673,356 52,717,023 136,326,563 133,598,240 Less Accumulated Depreciation (22,847,952) (21,945,444) (19,384,382) (18,405,641) (42,232,334) (40,351,085) Capital Assets net of Depreciation 57,805,255 $ 58,935,773 $ 36,288,974 $ 34,311,382 $ 94,094,229 $ 93,247,155.0 $ 22