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   <br />  <br />  STAFF REPORT  <br /> <br /> <br /> <br />TO: Mayor Fischer and Members of the City Council <br /> <br />FROM: Sam Magureanu, Finance Director <br /> <br />DATE: March 13, 2024 <br /> <br />RE: 2023 4th Quarter Financial Reports <br /> <br /> <br />INTRODUCTION: <br />Attached are the 2023 4th Quarter Financial Reports for the City of Little Canada. <br /> <br />Please note that each year staff is planning to have Q1 and Q3 financials as consent agenda items <br />(typically slower activity) and Q2 and Q4 as regular agenda presentations (Settlement revenues <br />are collected and year end balances and results are presented). <br /> <br />Attachments: <br /> General Fund Quarterly Financial Report <br /> Special Revenue and Enterprise Funds Quarterly Financial Report <br /> Investments by Broker <br /> <br />General Fund Revenue <br /> <br />The budgeted revenues are at 117.74% or $861,180 over budget. There were several factors that <br />contributed to the increase: <br /> <br /> $471,123 one-time revenue collected from the state for Police Aid. These revenues were <br />budgeted and anticipated to be collected in 2024, however the state remitted the funds at <br />the end of 2023 and revenues were recognized in 2023. The revenues are restricted for <br />qualified law enforcement/police serviced and cannot be utilized for any other City <br />programs or departmental use. <br /> Permits revenue at 178.75% to budget or $239,697 over budget. The additional revenue <br />relates to one large building permit pulled for Twin Lakes - Eagle Building 51K and an <br />increase in other building permits (roofs and siding) due to prior year storm claims caring <br />into 2023. <br /> Charges for services at 220.26% to budget or $34,441 over budget. This was primarily <br />related to a full year of Ramsey County in rentals for the Old Fire Hall building. <br /> Interest earnings were favorable this year. Interest earnings came at $52,476 over budget. <br />