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06-01-2020 Council Work Session Packet
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06-01-2020 Council Work Session Packet
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12/2/2021 1:57:27 PM
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City Council
Council Document Type
Council Packet
Meeting Date
06/01/2020
Council Meeting Type
Work Session Regular
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Management’s Discussion and Analysis <br /> <br /> <br />The 2018 Street Reconstruction fund has a total fund balance of $1,010,945. The fund <br />balance decreased during the year by $4,289,134 due to expending proceeds from the 2018 <br />bond issuance for the West Shadow Lake Drive and LaMotte Area Street Reconstruction <br />project. <br /> <br />The combined fund balance of other governmental funds increased by $1,518,608 during <br />2019. Primary reasons for the increase include increased investment earnings, increased tax <br />increment revenues, and increased development activities resulting in increased developer <br />fee revenues (park dedication, seal coating, surface water management). Increases are <br />partially offset by increased spending for park and trail improvements, Cedar Street <br />Reconstruction improvements, and a transfer out for the Civic Complex roof replacement <br />project. <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 $25,527,564, of which $6,097,611 is <br />unrestricted. The increase in net position of $2,045,656 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 />2019 Mill & Overlay project. <br /> <br />The sewer fund has total net position at year-end of $27,100,484 of which $10,139,617 is <br />unrestricted. The increase in net position of $2,302,486 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 />The General Fund budget was amended during the year to reflect increased charges for <br />services and municipal and police state aid and a slight decrease in revenues relative to <br />building and licensing activities, fines and forfeitures, and refunds and reimbursements. In <br />the budget was amended to account for a transfer in from the Municipal Buildings and <br />Facilities Fund for the Civic Complex Roof Replacement project. The City also received <br />$711,854 of insurance proceeds associated with the damage to the Civic Complex roof. <br />Changes to expenditure areas include decreased personal services due to personnel vacancies, <br />a net decrease to professional and contracted services, a decrease in parts/supplies spending, <br />increased capital outlay, increased expenditures associated with the Civic Complex Roof <br />project, and transfers for the comprehensive plan and summer playground program <br />temporary staff. The final amended expenditure budget was $726,331 more than the original <br />adopted budget. <br /> <br />Revenues were $114,171 over budget for the year. General property tax, special <br />assessments, and fines and forfeits were $71,543 under budget; however, this variance was <br />25
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