$51,445,000 NORTH DAKOTA DEPARTMENT OF TRANSPORTATION GRANT AND REVENUE ANTICIPATION BONDS SERIES 2005 ANNUAL FINANCIAL INFORMATION COVER SHEET

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1 $51,445,000 NORTH DAKOTA DEPARTMENT OF TRANSPORTATION GRANT AND REVENUE ANTICIPATION BONDS SERIES 2005 ANNUAL FINANCIAL INFORMATION COVER SHEET This cover sheet and Annual Financial Information notice is being sent to Digital Assurance Certification LLC for dispersal to all Nationally Recognized Municipal Securities Information Repositories and the State Information Depository, if applicable, pursuant to Securities and Exchange Commission Rule 15c2 12. Issuer s and/or Other Obligated Person s Name: North Dakota Department of Transportation Issuer s SixDigit CUSIP Numbers: Number of pages of attached Annual Financial Information: 11 Pages Updated Sections to the Official Statement Include: 1. Under the Heading: Security and Sources of Payment for the Series 2005 Bonds a. The section entitled Federal Transportation Funds (Official Statement Page 8) b. The section entitled Pledged State Highway Fund Revenues (Official Statement Pages 811) 2. Under the Heading: State Participation in the FederalAid Highway Program a. The section entitled Funding History (Pages 2324) 3. Under the Heading: The North Dakota Department of Transportation a. The section entitled Financial Information Concerning NDDOT (pages 2931) I hereby represent that I am authorized by the Issuer or its agents to distribute this information publicly. Signature: Name: Shannon L. Sauer CPA Title: Financial Management Director Employer: North Dakota Department of Transportation Address: 608 East Boulevard Ave. City, State, Zip Code: Bismarck, North Dakota Voice Telephone Number (701) Date: 12/23/2016

2 Update to North Dakota Department of Transportation Grant and Revenue Anticipation Bonds Official Statement Series 2005 December 23, 2016 Page 3 INVESTMENT CONSIDERATIONS Biennial Appropriation of Pledged State Highway Funds The State Legislature has discretion in each biennium (the current biennium period began on July 1, 2015 and ends on June 30, 2017) whether or not to appropriate Pledged State Highway Funds to make payment of principal of and interest on the Series 2005 Bonds. The State Legislature has appropriated to NDDOT Pledged State Highway Funds for the current biennium. Any affirmative act by the State Legislature directing that money appropriated to NDDOT not be used for Bond Payments constitutes an Event of Default under the Indenture. Upon the occurrence of such Event of Default, payment on the Bonds will not be accelerated, and principal and interest coming due on the Bonds will be payable solely from the Trust Estate, consisting of Federal Transportation Funds and such Pledged State Highway Funds as have previously been appropriated by the State Legislature for the thencurrent biennium. If the amount available is insufficient to pay all interest and principal then due on all Bonds then outstanding, the amount available is to be applied first to the payment of the reasonable fees and expenses of the Trustee, then to the payment of interest on the Bonds, and then to the payment of principal on the Bonds. See Appendix B SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE Remedies Following an Event of Default and Use of Moneys Received from Exercise of Remedies. Page 4 INVESTMENT CONSIDERATIONS Factors Affecting Federal Transportation Funds The Federal Transportation Funds to be deposited into the Trust Estate have historically been authorized under multipleyear authorizing legislation. Congress passed H.R.3, the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users ( SAFETEALU ) on July 29, 2005, a multiyear extension through September 30, 2009, which was signed into law by the President on August 11, SAFETEALU replaced the previous sixyear authorizing legislation, the Transportation Equity Act for the 21st Century, as amended ( TEA21 ), which expired on September 30, SAFETEALU also reauthorized the collection of federal gasoline excise taxes and other taxes generating revenues to the Federal Highway Trust Fund through the federal fiscal year ending 1

3 September 30, While SAFETEALU expired on September 30, 2009, Congress continued transportation funding through a series of short term extensions. On July 6, 2012, President Obama signed into law the Moving Ahead for Progress in the 21st Century Act (MAP21). The law provided authorizing legislation until October 1, While MAP21 expired on September 30, 2014, Congress continued to provide transportation funding through short term extensions. On December 4, 2015, President Obama signed into law the Fixing America s Surface Transportation (FAST) Act that authorizes federal highway, highway safety, transit, and rail programs for five years from federal fiscal years 2016 through The FAST Act included certain provisions designed to provide continuity in the flow of Federal Transportation Funds to the states, including North Dakota. There can be no assurance that such measures will be continued under any future federal reauthorization or that, if continued, such measures will be sufficient to ensure that Federal Transportation Funds will be available as needed if in the future Congress amends existing laws or fails to reauthorize expired transportation legislation, or if future legislation or federal administrative action reduces the amount of Federal Transportation Funds available to NDDOT. There can be no assurance that there will not be future changes in law, regulation, policy, or the availability of revenues at the federal level which may materially adversely affect the future availability of Federal Transportation Funds to pay debt service on the Bonds. See FEDERAL TRANSPORTATION FUNDS. Pages 811 Federal Transportation Funds SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2005 BONDS The federal government makes federal aid available to state and local entities, including NDDOT, under a number of federal programs for highway, safety, transit, and motor carrier projects. See INFORMATION CONCERNING THE FUNDING OF FEDERALAID HIGHWAYS below for a detailed explanation of the federalaid highway program and its history of funding in North Dakota. The Act authorizes NDDOT to pledge any federal aid grants received or to be received by NDDOT for debt service and related issuance costs on the Bonds directly to the Trustee. Federal Transportation Funds will be paid directly to the Trustee without the requirement of further State Legislature appropriation in each year in amounts necessary to pay the Annual Federal Share. Pursuant to the MOA and the Federal Aid Agreements, FHWA has agreed that the Series 2005 Construction Projects will be treated as advance construction projects and that FHWA will make payment of the applicable portion of the Annual Federal Share to the Trustee three Business Days prior to each Bond Payment Date. Federal Transportation Funds are defined in the Indenture to include federal aid revenues received by or on behalf of, or available to, NDDOT pursuant to Title 23 of the United State Code and legally available for the payment of Bond Payments and Construction Costs. The Title 23 federal aid revenues legally available as Federal Transportation Funds include, but are not limited to, those derived pursuant to Title 23 from the following categories: Interstate Maintenance, National Highway System, 2

4 bridges, Surface Transportation Programs, Congestion Mitigation and Air Quality, and amounts available under the minimum guarantee provisions. See Payments of Federal Transportation Funds and Pledged State Highway Funds to the Trustee below. For Federal Fiscal Year 2016, the amount of Federal Transportation Funds that would have been available to pay the Annual Federal Share was $235,830,940. Pledged State Highway Fund Revenues Pledged State Highway Funds available to make Bond Payments are moneys deposited and legally available for such purposes in the State Highway Fund, subject to biennial appropriation. The State Highway Fund receives revenue from the following sources: the NDDOT s share of the Highway Tax Distribution Fund, federal funding, licenses, fees and permits, fleet and miscellaneous revenues, reimbursements from political subdivisions, and the state general fund. Of these sources, the NDDOT s share of the Highway Tax Distribution Fund and federal funding provide about 36% of NDDOT s total revenue. Federal funds constitute approximately 23% of NDDOT s total budget and such funds are not Pledged State Highway Funds. Additionally, NDDOT has authority to borrow funds from the Bank of North Dakota to advance construction on emergency relief projects on the state highway system. NDDOT borrowed $34,600,000 under that authority. The 2013 ND Legislature passed a bill to provide funds for repayment of that loan through the State s General Fund (the State s general fund is not a pledged fund for purposes of repayment of this bond issue). Accordingly, the loan was repaid in May of The 2015 Legislature continued allocation of $5.5 million per biennium to the State Highway Fund to reimburse the NDDOT for providing administrative assistance to local government transportation entities. It is expected that the 2017 Legislature will continue this allocation. The Highway Tax Distribution Fund receives funds from four principal sources: gasoline/gasohol taxes, motor vehicle registration fees, the special fuels tax, and a special fuel 4 or 2% excise tax as described further below. Gasoline/Gasohol Taxes North Dakota s motor vehicle fuel tax is $0.23 per gallon, effective July 1, This tax will generate approximately $194.9 million per biennium. Special Fuels North Dakota s special fuel tax rate is $0.23 per gallon, effective July 1, This category of revenues includes special fuels (diesel fuel used for nonfarm vehicle purposes, such as motor carriers and passenger vehicles). This tax will generate approximately $156.0 million per biennium. Special Fuels 4 or 2% Excise Taxes Special fuels are subject to a 4 (dyed fuel used for industrial, agricultural, and railroad purposes) or 2% (liquefied petroleum gas) excise tax. The 2007 State Legislature eliminated the heating fuel tax after June 30, The expected income on the Special Fuels 4 or 2% Excise Tax is approximately $30.8 million for the biennium. Motor Vehicle Registrations The number of motor vehicles registered in the State is expected to remain relatively constant in the near future. Motor vehicle registration fees will generate approximately $178.1 million per biennium for the Highway Tax Distribution Fund. The 2015 Legislature provided $240 million in state general and special funds for Enhanced State Highway Investments and County & Township Road Reconstruction in the western part of the state, and $216.7 million for Nonoil County Road & Bridge Reconstruction in other parts of the state. In addition, $937 million was transferred to the Highway Fund from state general and special funds for Enhanced 3

5 State Highway Investments. $18.7 million was transferred to the Highway Fund from the state s general fund due to general fund revenues exceeding projections from 2/1/2015 to 6/30/2015 in accordance with legislative directive. The aggregate of the principal State sources from the Highway Tax Distribution Fund after deductions for the State Highway Patrol ( ) for the last six years are as follows: Gasoline $21,504,087 $22,974,101 $24,623,891 $10,752,189 $ 9,786,639 $6,172,592 Gasohol 30,300,441 31,092,721 33,835,123 47,517,144 53,653,906 $50,715,092 Special Fuels 38,945,472 50,847,188 55,029,033 58,332,643 60,749,406 $44,800,810 Special Fuels 2% Excise 8,907,995 10,463,212 11,541,744 13,229,808 13,992,244 $8,798,962 Motor Vehicle Registration Fees 46,260,921 50,834,146 56,065,523 54,733,091 57,711,191 $56,648,423 Total $145,915,916 $166,211,368 $181,095,314 $184,564,875 $195,893,386 $167,135,879 The various revenue sources used for funding NDDOT from the State Highway Fund are shown on the chart entitled DEPARTMENT OF TRANSPORTATION BIENNIUM REVENUE REVISED Of the revenue sources provided in the chart, the $77.9 million of Licensing, Fees and Permits, $123.6 million in Other State Revenue Sources, and $54.0 million in Reimbursements from Counties and Cities for Their Share of Construction Costs are moneys available for Pledged State Highway Funds, in addition to those moneys from the Highway Tax Distribution Fund. The Federal Aid fund categories represented in the chart, which are excluded from the definition of Federal Transportation Funds, include Emergency Relief Funds, Railroad, Safety and Transit. Expenditures from the State Highway Fund by major category for the current biennium, totaling $2.691 billion, are shown on the chart entitled DEPARTMENT OF TRANSPORTATION BIENNIUM EXPENDITURES REVISED The excess of appropriated expenditures over the revised revenue projections has been offset by spending reductions for general operations. Appropriated funds for repayment of bond principal and interest are not affected by these reductions. [The remainder of this page has been left bank intentionally.] 4

6 DEPARTMENT OF TRANSPORTATION ENROLLED HB1012/SB2103/HB1176/SB BIENNIUM REVENUE REVISED Reflects Adjustments for General Fund Allot. & Updated Revenue Forecasts (MILLIONS) HIGHWAY TAX DISTRIBUTION FUND HIGHWAY FUND Motor Vehicle Fees and Fuel Taxes FEDERAL AID GASOLINE TAX $38.3. GASOHOL TAX SPEC. FUELS TAX FEDERAL HIGHWAY ADMIN $ % SF EXC. TAX 30.8 EMERGENCY RELIEF FUNDS (RAD) 42.4 MV REGIS. FEES x RAILROAD 4.0 SAFETY 9.5 TRANSIT % Deductions before Distribution 14.7 Highway Patrol 6.7 Ethanol 4.7 Admin. Asst. to Trnsferees (a) 5.5 TOWNSHIPS 2.70% % TRANSIT 1.50% LICENSING, FEES, & PERMITS MOTOR VEHICLE "OFF THE TOP" $23.4 NEW & USED DEALER FEES 0.3 TRUCK REGULATORY 34.4 DRIVERS LICENSE FEES 10.2 MV Revenue Captured (VRTS) COUNTIES 22.0% CITIES 12.5% OTHER STATE REVENUE SOURCES FLEET SERVICES $87.1 X TOTAL MV REGIS. FEES $201.5 REIMBURSEMENT FROM FLEET SERVICES 2.0 (less "off the top" ) ($23.4) HAY BIDS, ROAD MATERIALS, ETC. 3.9 AVAILABLE FOR DISTRIBUTION PUBLIC TRANSPORTATION 0.0 INTEREST 1.5 Admin. Asst. to Transferees (a) 5.5 Unencumbered Cash Balance 23.6 General Funds for reimbursement for state fleet motor coaches. General Fund transfer to the special roads fund for recreational areas. SIIF ($112MSB 2103) & General Funds ($112MHB 1176) for nonoil producing counties. SIIF Funds for oil producing counties. (SB 2103) General ($503.1MHB 1012) & SIIF ($450MSB 2103) Funds transfer to the Highway Fund for enhanced state highway investments. General Funds transfer to the Highway Fund for enhanced state highway investments. (SB 2015) Contingent General Fund (GF) transfer to the Highway Fund, if GF revenues exceed projections from 2/1/2015 to 6/30/2015. * , ,627.1 RECOMMENDATION FOR HIGHWAY FUNDING REIMBURSEMENT FROM COUNTIES & CITIES FOR THEIR SHARE OF General Funds for Truck Size and Weight Harmonization. SIIF Funds for Short Line Rail Contingent SIIF transfer to the Highway Fund, if GF revenues exceed projections from 7/1/2015 to 12/31/2015 or 7/1/2015 to 6/30/2016. * Contingent SIIF transfer to the Highway Fund, if GF revenues exceed projections from 7/1/2015 to 12/31/2016. * , ,699.0 PREPARED BY NDDOT FINANCIAL MANAGEMENT DIVISION DECEMBER 22, 2016 * All Contingent transfers are from SB

7 DEPARTMENT OF TRANSPORTATION ENROLLED HB1012/SB2103/HB1176/SB BIENNIUM EXPENDITURES REVISED Reflects Adjustments for General Fund Allot. & Updated Expenditure Forecasts (MILLIONS) ADMINISTRATIVE PROGRAM 2,627.1 SALARIES OPERATING EXPENSE CAPITAL ASSETS GRANTS DRIVER & VEHICLE SERVICES SALARIES OPERATING EXPENSE CAPITAL ASSETS GRANTS HIGHWAYS PROGRAM SALARIES OPERATING EXPENSE CAPITAL ASSETS GRANTS , ,497.8 FLEET PROGRAM SALARIES OPERATING EXPENSE CAPITAL ASSETS GRANTS (64.2) Balance Approximately $4.9 million is funded in the Energy Development Impact Pool. (SB 2015) 4.9 PREPARED BY NDDOT FINANCIAL MANAGEMENT DIVISION DECEMBER 22, 2016 (69.1) 6

8 Pages 2324 Funding History STATE PARTICIPATION IN THE FEDERALAID HIGHWAY PROGRAM Role of Obligation Authority. The culmination of the federal authorization and appropriation process for the FAHP is the provision of Obligation Authority to a state. Obligation Authority, which is apportioned to states on an annual basis, sets the upper limit on the federal government s commitment to pay, through reimbursements, its share of eligible expenditures on approved projects. Thus, current year Obligation Authority plus prior years Obligation Authority obligated but not yet expended determines the maximum amount of Federal Transportation Funds that a state may receive under FAHP. Although annual Obligation Authority is not a direct representation of the amount of reimbursements a state will receive under FAHP in a given year due to lags in spending and special appropriations, Obligation Authority levels will determine over time the amount of reimbursements that a state may receive. Obligation Authority Provided to the State. Since the advent of the modern multiyear federal authorization acts in 1982, the State has received substantial funding through FAHP. The table below details the amount of Obligation Authority made available to the State from Federal Fiscal Year 2010 through Federal Fiscal Year In addition, NDDOT received $152.0 million of Federal Stimulus Funding (American Recovery and Reinvestment Act or ARRA ) during the biennium. STATE OF NORTH DAKOTA HISTORY OF ALLOCATIONS & APPORTIONMENTS, OBLIGATION AUTHORITY Federal Fiscal Year Allocations & Apportionments Obligation Authority (1) ,412, ,031,713 (2) ,620, ,120,073 (2) ,203, ,074,162 (2) ,042, ,219, ,334, ,684, ,542, ,724,810 (2) ,831, ,830,940 Average Obligation Authority ISTEA ( ) $100,048,338 Average Obligation Authority TEA21 ( ) $168,068,700 Average Obligation Authority SAFETEALU ( ) $234,114,560 Average Obligation Authority MAP21 ( ) $241,876,092 Average Obligation Authority FAST Act (2016) $235,830,940 (1) Represents Federal Transportation Funds legally available to pay debt service on the Bonds. (2) Represents Obligation Authority pursuant to federal continuing resolutions. (See INVESTMENT CONSIDERATIONS herein.) Source: North Dakota Department of Transportation. 7

9 Federal Transportation Funds available for payment of debt service on the Bonds set forth above as Obligation Authority excludes certain categories of funding that are federally mandated to be spent on specific projects and which are not available for the Construction Projects, including but not limited to Planning and Research funds, DBE, funding for the Metropolitan Planning Organizations and High Priority Funding. While the Department believes that sufficient Federal Transportation Funds will be received during the term of the Bonds, which together with Pledged State Highway Funds, will be sufficient to pay the principal of and interest due on the Bonds, various factors beyond the control of the Department may affect NDDOT s ability to do so, including, without limitation, subsequent reauthorizations, federal budgetary limitations and other possible changes in the FAHP that cannot now be anticipated. [The remainder of this page has been left blank intentionally.] 8

10 Pages 2931 THE NORTH DAKOTA DEPARTMENT OF TRANSPORTATION Financial Information Concerning NDDOT General State statutes provide that NDDOT s Fiscal Year runs from July 1 of one year to June 30 of the following year. NDDOT s budget is developed on a biennial basis through the process described in Budget Procedures below. State law places certain limitations on the financial operations of NDDOT. Under State law, NDDOT may not enter into contractual or other obligations without providing for payment of those obligations. NDDOT manages its cash flow to provide for timely payment to contractors and for timely reimbursement of federal funds to the State by the federal government. See also Appendix A GENERAL INFORMATION REGARDING THE STATE OF NORTH DAKOTA North Dakota State Finances. Selected Financial Information for NDDOT The following tables set forth a Combined Balance Sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balances for the State Highway Fund for Fiscal Years 2006 through These tables are taken from the Comprehensive Annual Financial Reports (CAFR) of the State for the Fiscal Years 2006 through 2010, which were audited by the North Dakota State Auditor s Office. These tables are presented for the benefit and convenience of the reader. All financial statement disclosures and footnotes have been omitted. Subsequent to Fiscal Year 2010, in compliance with GASB Statement 54, the State of North Dakota no longer reports the State Highway Fund (labeled as Transportation in the nonmajor fund reports in the CAFRs prior to fiscal year 2011) as a separate nonmajor fund in the CAFR. Rather, the ND Department of Transportation is now reported as an integral part of the State s governmental activities in the statewide CAFR. Accordingly, for fiscal years after 2010, the reader should refer to the CAFR for financial statement information related to the North Dakota Department of Transportation and the State of North Dakota. The Comprehensive Annual Financial Reports for fiscal years can be obtained at or by contacting the North Dakota Office of Management and Budget at 600 East Blvd. Ave., Dept. 110 Bismarck, ND ; Phone: (701) ; Fax: (701) While currently not available the 2016 CAFR will be available prior to March 1, [The remainder of this page has been left blank intentionally.] 9

11 STATE HIGHWAY FUND COMBINED BALANCE SHEET Fiscal Years Ended June 30 (1) ASSETS Cash Deposits at the Bank of ND $ 98,144,253 $ 108,962,885 $ 150,296,402 $ 173,527,888 $ 201,450,846 Cash and Cash Equivalents 93, , , , ,383 Restricted Cash and Cash Equivalents 1,914,161 1,703, ,225 49,626 Accounts Receivable Net 1,096,584 1,766, , , ,659 Taxes Receivable Net 7,525,376 7,865,714 7,666,311 7,883,037 9,534,324 Interest Receivable Net 194, ,759 70, ,375 Intergovernmental Receivable Net 5,654,467 4,862,038 8,917,675 6,923,692 8,825,703 Due from Other Funds 15,895,462 20,302,940 7,890,355 3,631,893 9,718,230 Prepaid Items 380, , , , ,500 Inventory 3,858,698 3,567,627 4,254,882 6,457,957 4,887,722 Loans and Notes Receivable Net 6,819,612 6,303,495 6,572,145 7,710,128 7,277,608 TOTAL ASSETS $ 141,577,018 $ 156,027,846 $ 187,211,387 $ 207,458,980 $ 243,185,350 LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable $ 10,068,578 $ 9,505,241 $ 14,300,311 $ 9,722,463 $ 12,700,337 Accrued Payroll 3,812,955 3,873,561 4,146,079 4,663,539 5,137,135 Intergovernmental Payable 1,983 3,469 82,499 78,233 19,570 Tax Refunds Payable 312, , , , ,252 Due to Other Funds 2,337,955 2,716,359 1,664,537 1,736,455 2,281,757 Contracts Payable 1,261,389 1,040, ,963 1,169,212 1,604,457 Claims/Judgments Payable Compensated Absences Payable Deferred Revenue 10, , , , ,119 TOTAL LIABILITIES $ 17,805,536 $ 17,741,268 $ 21,673,919 $ 17,912,227 $ 22,046,627 Fund Balances: Reserved for: Inventory $ 3,858,698 $ 3,567,627 $ 4,254,882 $ 6,457,957 $ 4,887,722 LongTerm Receivables 5,985,760 5,430,055 5,437,857 6,741,870 6,140,816 Prepaid Expenditures 380, , , , ,500 Unreserved, Reported in: Special Revenue Funds 113,546, ,034, ,663, ,103, ,867,685 TOTAL FUND BALANCES $ 123,771,482 $ 138,286,578 $ 165,537,468 $ 189,546,753 $ 221,138,723 TOTAL LIABILITIES AND FUND BALANCES $ 141,577,018 $ 156,027,846 $ 187,211,387 $ 207,458,980 $ 243,185,350 (1) Derived from the State s Comprehensive Annual Financial Reports. [The remainder of this page has been left blank intentionally.] 10

12 STATE HIGHWAY FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES Fiscal Years Ended June 30 (1) REVENUES Sales and Use Taxes $ 81,044,174 $ 82,497,179 $ 98,052,714 $ 94,537,804 $ 118,662,318 Licenses, Permits and Fees 60,541,219 59,389,066 53,595,882 67,608,826 64,960,281 Intergovernmental 838, , ,522 1,023,851 1,045,364 Sales and Services 467, , , , ,234 Royalties and Rents 325, , , , ,497 Interest and Investment Income 1,727,147 2,240,971 2,480,470 1,271, ,688 Miscellaneous 376, , , ,643 1,545,563 TOTAL REVENUES $ 145,320,512 $ 146,257,909 $ 156,092,153 $ 165,752,343 $ 187,813,945 EXPENDITURES Current: Health and Human Services $ 104,061 $ 98,273 $ 11,211 $ 15,018 $ 3,555 Regulatory 18,659 Public Safety and Corrections Transportation 121,119, ,7863, ,140, ,592, ,597,110 Capital Outlay 18,274,464 23,406,598 18,798,029 12,329,493 16,521,310 Debt Service: Principal Interest and Other Charges 142, , , , , , ,201 95,566 TOTAL EXPENDITURES $ 139,516,645 $ 128,554,755 $ 136,237,634 $ 153,183,796 $ 154,342,742 Revenues over (under) Expenditures 5,803,867 17,703,154 19,854,519 12,568,547 33,471,203 OTHER FINANCING SOURCES (USES) Bonds and Notes Issued Capital Lease Acquisitions $ 2,638, ,746 Sale of Capital Assets 562, ,751 1,045,750 74,580 25,790 Other Transfers In 2,726,440 3,948,971 1,777,485 13,191, ,173 Transfers Out (414,117) (584,059) (1,323,330) (2,526,004) (2,101,196) Total Other Financing Sources (Uses) $ 5,513,179 $ 3,657,409 $ 1,499,905 $ 10,740,369 ($ 1,879,233) Net Change in Fund Balances 11,317,046 21,360,563 21,354,424 23,308,916 31,591,970 Fund Balances Beginning of Year, as Adjusted 112,454, ,926, ,183, ,237, ,546,753 Fund Balances End of Year $ 123,771,482 $ 138,286,578 $ 165,537,468 $ 189,546,753 $ 221,138,723 (1) Derived from the State s Comprehensive Annual Financial Reports. [The remainder of this page has been left blank intentionally.] 11