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STAFF REPORT <br />TO: Mayor Fischer and Members of the City Council <br />FROM: Sam Magureanu, Finance Director <br />DATE: February 26, 2024 <br />RE: 2024 4th Quarter Financial Reports <br />INTRODUCTION: <br />Attached are the 2024 4th Quarter Financial Reports for the City of Little Canada. <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 />Attachments: <br />General Fund Quarterly Financial Report <br />Special Revenue and Enterprise Funds Quarterly Financial Report <br />Investments by Broker <br />General Fund Revenue <br />The budgeted revenues came at 97.14% or $164,737 under budget. This is primarily due to the <br />budgeted Police State Aid for 471K that was received in 2023 rather than 2024. These revenues <br />were approved by council to be transferred to the Fire Equipment Fund to help pay for the second <br />invoice toward the new Ladder Truck. <br />If the Police State aid above is excluded revenues are $306,263 over budget. The excess relates to <br />the following: <br />Permits revenue at 150.07% to budget or $158,204 over budget. These types of revenues <br />can fluctuate based on timing of projects and volume. Permits were pulled for the Pioneer <br />Commons 1st and 2nd addition, and a few single-family homes at the Gervais Woods 2nd <br />addition and an increase in other building permits (roofs and siding) due to prior year storm <br />claims caring into 2024. <br />Charges for services at 482.13% to budget or $117,713 over budget. This was primarily <br />related to bond issuance fees for the Ride Apartments 98K and full year of Ramsey County <br />in rentals for the Old Fire Hall building.