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General Fund Budgetary Highlights
<br />Final
<br />Budgeted Actual Variance with
<br />Amounts Amounts Final Budget
<br />Revenues 5,659,680$ 5,491,420$ (168,260)$
<br />Expenditures 5,857,835 5,068,952 788,883
<br />Excess of Revenues
<br />Over Expenditures (198,155) 422,468 620,623
<br />Other Financing Sources
<br />Transfers in 98,155 103,450 5,295
<br />Transfers out - (450,000) (450,000)
<br />Total Other Financing Sources (Uses)98,155 (346,550) (444,705)
<br />Net Change in Fund Balances (100,000) 75,918 175,918
<br />Fund Balances, January 1 4,629,504 4,629,504
<br />Fund Balances, December 31 4,529,504$ 4,705,422$ 175,918$
<br />The City’s General fund budget was not amended during the year as shown above. Actual revenues and expenditures were
<br />under the final budget amounts as shown above.
<br />Revenues
<br />The City budgeted for the Police Safety Aid $471,000 in 2024, however these funds were collected at the end of 2023
<br />creating a large, unexpected variance. This large variance from budget was ultimately an offset of revenues that came
<br />over budget in the following categories:
<br />•Permits $158,352 over budget primarily due to Pioneer Commons development project
<br />•Charges for Services $113,838 over budget – primarily due to assisting the RIDE apartment development
<br />project with financing
<br />•Investment income $163,048 over budget due to favorable market conditions.
<br />Expenditures
<br />Overall Expenditures under budget by $788,883. There were several factors that contributed to the large variance:
<br />•Administration department included $100,000 in the budget for exploring police alternative models. These
<br />funds were not spent.
<br />•The Police Safety Aid budgeted revenues noted above were also budgeted as an expenditure coming out of
<br />the Police department, that were ultimately not spent within the department and were transferred to the Fire
<br />Equipment Fund. The total transferred amount was $450,000 as noted in the above table.
<br />•Further there were several staff changes during the year that resulted in personnel expenditures savings
<br />approximately $121,000
<br />•Lastly, the Streets department $45,000 budget for stripping and sealcoating was not spent. This process was
<br />postponed to be completed by Ramsey County in 2025.
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