The following explains significant differences between projected actual revenues. Federal Grants Federal Grant revenues are posted as spent. Therefore, revenues match expenditures and we are spending at a slower rate than projected. Other Revenue We have earned more interest than projected accounting for the excess in other revenues. This circumstance is changing as the Federal Reserve reduces interest rates.
Most general funds are on target based on the percentage of budget remaining.
The funds with significant variances are explained below. In addition, it is anticipated that additional appropriations might be needed later this year to cover additional unbudgeted costs for various personal services and other expenses. These ordinances are scheduled for final approval on April 16. We encumbered the entire year's obligations to IndyGo in January. This fund has no net appropriations.