06-06-2018 Council Packet - Laserfiche WebLink

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CITY OF LITTLE CANADA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2017 (24) Program Expenses and Revenues – Business-Type Activities (Continued) Charges for Services 96% Capital Grants and Contributions 1% Unrestricted Investment Earnings 3% Unrealized Gain (Loss) on Investments 0% General Fund The General Fund is the main operating fund of the City. Its primary revenue source in 2017 was property taxes at 73.2% of the total revenue, followed by licenses and permits revenue at 7.8%. The total fund balance decreased by $299,513 during the current fiscal year 2017, resulting from an excess of revenue over expenditures of $112,267 combined with net transfers out of ($513,788). The unassigned fund balance of $1,434,580 at the end of 2017 represents 41% of total General Fund expenditures for the year 2017. The overall fund balance of $2,533,003 represents 71% of 2017 General Fund expenditures (interfund loans and prepaids account for the differences between unassigned and total fund balances). Other Major Governmental Funds The Canabury Square Condominiums HIA fund balance at the end of 2017 was ($45,720), a gain of $119,571 during the year due to special assessments revenue exceeding required debt service principal and interest expenditures. The Rice/LC Road Improvements fund had an increase in fund balance of $71,372 in 2017 to arrive at an ending fund balance of $2,271,047. This increase was due to tax increment collections exceeding expenditures and transfers out for the year. The TIF District Associated with this area was decertified in 2017. The water and sewer equipment replacement fund had a decrease in fund balance of $294,984 in 2017 to arrive at an ending fund balance of $2,512,303. This decrease was due planned capital outlay including the installation of solar panels on the Public Works garage that will reduce energy costs in the future.