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06-24-2019 Council Packet
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06-24-2019 Council Packet
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CITY OF LITTLE CANADA, MINNESOTA <br />MANAGEMENT’S DISCUSSION AND ANALYSIS <br />YEAR ENDED DECEMBER 31, 2018 <br /> <br /> <br /> <br />(22) <br /> <br />The Infrastructure CIP fund had an increase in fund balance of $197,979 during 2018 to arrive at an <br />ending fund balance of $2,440,050. This increase is primarily attributable to the higher special <br />assessment prepayments than anticipated. <br /> <br />The Economic Development fund had a decrease in fund balance of $526,996, to arrive at an ending <br />fund balance of ($493,365). This deficit will be recovered when future loan payments are received from <br />a developer. <br /> <br />Proprietary Funds <br />At the end of the year, total net position of the Water and Sewer funds total $9,831,563 or $212,624 <br />less than 2017, primarily due to a decrease in contributed assets in 2018 compared to 2017. <br />Unrestricted net position increased $161,709 due to increased revenues (rate increase) and decreased <br />expenses. <br /> <br />Budgetary Highlights <br /> <br />General Fund <br />There were not any adjustments to the Original Budget. <br /> <br />The actual results were different than the final budget amounts. Large differences are as follows: <br /> <br /> Total General Fund revenues exceeded the budget by $115,194. The biggest budget variances <br />for revenue categories were within Property Taxes and Rents and Refunds. <br />o Property Taxes were $104,493 greater than anticipated property tax collections due to a <br />higher collection rate than budgeted. Since the City exercises a conservative budget <br />approach, a 97.5% collection rate is used for budgeting property taxes, but the City <br />experienced a 98.61% collection rate for 2018. <br />o Rents and Refunds were less than the budget by $77,618 since the budgeted sheriffs <br />reimbursement was not received in time to be recorded as current revenue. This <br />reimbursement is recorded as a deferred inflow of resources. However, a higher than <br />anticipated building inspection reimbursement from the City of Falcon Heights offset <br />some of the credit. <br /> Total General Fund Expenditures were under budget by $97,434. The biggest positive budget <br />variance for expenditure categories was in Public Works, due to lower than anticipated <br />sealcoating costs. The City did not perform sealcoating in 2018 in order to analyze the cost <br />benefit of the sealcoating program.
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