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06-04-2018 Council Work Session Packet
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06-04-2018 Council Work Session Packet
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Management’s Discussion and Analysis <br /> <br /> <br />The combined fund balance of other governmental funds decreased $3,567,167 during 2017. <br />Primary reasons for the decrease include the issuance of $1,600,000 of G.O. Tax Abatement <br />Refunding Bonds, Series 2016C, the proceeds from which were used to pay-off the G.O. Tax <br />Abatement Bonds of 2006C on February 1, 2017. Also, the fund balance of the Municipal <br />State Aid (MSA) Construction fund decreased $1,169,000 as MSA funds were used to <br />prepay the 2009A Note with Anoka County for the city’s share of the 35E Interchange <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 $22,621,564, of which $5,455,247 is <br />unrestricted. The increase in net position of $602,293 was primarily due to capital <br />contributions, partially offset by a net operating loss. <br /> <br />The sewer fund has total net position at year-end of $24,056,431, of which $9,390,798 is <br />unrestricted. The increase in net position of $351,645 was primarily due to capital <br />contributions, partially offset by a net operating loss. <br /> <br />Budgetary Highlights <br /> <br />General Fund <br /> <br />The General Fund budget was amended several times during the year to reflect increased <br />revenues relative to building and licensing activities, state aid, and other operating transfers, <br />as well as changes in expenditure areas due to personnel vacancies, changes to professional <br />and contracted services, variances in supplies, investment in the Civic Complex air <br />conditioning units, and finally the transfer for the park land loan and the comprehensive plan <br />update budgeted over 3 years (2016-2018). The final amended expenditure budget was <br />$150,759 less than the original adopted budget. <br /> <br />Revenues were $5,934 over budget for the year. General property tax, intergovernmental <br />revenue, and miscellaneous refunds and reimbursements were $66,444 under budget; <br />however, this variance was more than offset by greater than anticipated license and permit <br />revenues, fines and forfeits, and investment earnings. <br /> <br />Expenditures came in under budget by $311,492 due to many factors including lower than <br />expected personal service costs from vacant positions. Fuel and fleet maintenance supply <br />costs were much lower than anticipated and the Civic Complex air-conditioning upgrades <br />were not completed in 2017, resulting in favorability in capital outlay. <br /> <br />27
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