06-24-2019 Council Packet - Laserfiche WebLink

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CITY OF LITTLE CANADA, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2018 (21) Program Expenses and Revenues – Business-Type Activities (Continued) Charges for Services 90% Capital Grants and Contributions 9% Unrestricted Investment Earnings 1% Unrealized Gain (Loss) on Investments 0% General Fund The General Fund is the main operating fund of the City. Its primary revenue source in 2018 was property taxes at 78.2% of the total revenue, followed by licenses and permits at 7.9% and intergovernmental revenue at 7.87%. The total fund balance increased by $186,168 during the current fiscal year 2018, resulting from an excess of revenue over expenditures of $90,385 combined with net transfers in of $95,783. The unassigned fund balance of $1,992,378 at the end of 2018 represents 53.8% of total General Fund expenditures for the year 2018. The overall fund balance of $2,719,171 represents 73.4% of 2018 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 2018 was ($1,058,508), a decrease of $1,012,788 during the year due to the calling and repayment of the 2009A Bonds in 2019. The bond was replaced with an interfund loan in order to realize interest rate savings. In addition, the interfund loan will allow residents to pay-off the special assessments early. The Rice/LC Road Improvements fund had a decrease in fund balance of $682,988 in 2018 to arrive at an ending fund balance of $1,837,938. This decrease was due to expenditures and transfers out exceeding tax increment collections for the year. The Water and Sewer Equipment Replacement fund had a decrease in fund balance of $97,888 in 2018 to arrive at an ending fund balance of $2,414,415. This decrease was due to planned capital outlay including inspection services and maintenance at the City’s water tower.