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Management’s Discussion and Analysis  <br /> <br /> <br />The 2018 Street Reconstruction fund has a total fund balance of $0. The fund balance <br />decreased during the year by $1,010,945 due to the completion of the West Shadow Lake <br />Drive and LaMotte Area Street Reconstruction project. <br /> <br />The combined fund balance of other governmental funds increased by $1,512,731 during <br />2020. Primary reasons for the increase include West Shadow Lake Drive and LaMotte Area <br />Street Reconstruction funds available at the end of the project for debt service payments on <br />the 2018A bonds and increased development activities resulting in increased developer fee <br />revenues (park dedication, seal coating, surface water management). <br /> <br />Proprietary funds. The City’s proprietary funds provide the same type of information <br />found in the government-wide financial statements, but in more detail. <br /> <br />The water fund has total net position at year-end of $30,858,612, of which $5,810,154 is <br />unrestricted. The increase in net position of $5,331,048 was primarily due to capital <br />contributions and strong investment earnings, partially offset by a net operating loss and a <br />transfer to the Pavement Management Fund for watermain system repairs associated with the <br />2020 Street Rehabilitation project. <br /> <br />The sewer fund has total net position at year-end of $28,561,729 of which $10,243,990 is <br />unrestricted. The increase in net position of $1,461,245 was primarily due to capital <br />contributions and strong investments earnings, partially offset by a net operating loss. <br /> <br />Budgetary Highlights <br /> <br />General Fund <br /> <br />There were amendments to the original budget in 2020. The revenue budget was decreased <br />by $174,758 to total $10,440,412, and the expenditure budget was decreased by $543,258 to <br />total $9,723,912. Other financing uses were increased $3,500 to total $551,500. Net changes <br />to the budget resulted in a budgeted surplus of $165,000. <br /> <br />Revenues were $156,727 over budget for the year. General property taxes and fines and <br />forfeits were $69,382 under budget; however, this variance was more than offset by greater <br />than anticipated license and permit revenues, intergovernmental revenue, charges for <br />services, and investment earnings. <br /> <br />Expenditures came in under budget by $413,420 primarily due to vacant positions and <br />favorable professional and contracted service activity. Fuel costs were also much lower than <br />anticipated due to the decrease in the average fuel price. <br /> <br /> <br /> <br /> <br /> <br />25