06-03-2024 Council Work Session Packet

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Management’s Discussion and Analysis The MSA Construction Fund has a total fund balance of $4,810,424, all of which is assigned to capital improvements for City MSA designated roadways. The fund balance during the current year increased by $990,971 primarily due to reimbursement received for the developer portion of the County’s 49 & J Street Improvement Project. The combined fund balance of other governmental funds decreased by $807,997 during 2023 primarily due to Watermark Park and Pheasant Run Reconstruction capital expenditures. Watermark park dedication fees were collected in prior years and street reconstruction bonds will be issued in the future for the Pheasant Run project. Proprietary funds. The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The Water Fund has total net position at year-end of $33,713,939, of which $5,229,412 is unrestricted. The increase in net position of $1,056,459 was primarily due to capital contributions from governmental activities. The Area and Unit Trunk Fund is funding water infrastructure as part of the following projects: Lake Drive Trunk Water Main, Pheasant Run Reconstruction, and Water Treatment Plant. The Sewer Fund has total net position at year-end of $31,533,345 of which $9,898,700 is unrestricted. The increase in net position of $79,018 was primarily due to investment earnings as unrestricted net position was planned to be used for the sewer portion of the Pheasant Run Reconstruction Project. The Storm Water Fund has total net position at year-end of $247,475 of which all is unrestricted. A Storm Water Utility was established in 2022 to fund the operation and management of the City’s storm water infrastructure. Budgetary Highlights General Fund There were amendments to the original budget in 2023. The expenditure and transfers out budget was decreased by $450,510 to total $11,726,906. The decrease resulted from personnel vacancies in various departments and unused contingency. Fire personal services came in over budget due to recognizing the pass through of Fire State Aid ($147,297) to the PERA Statewide Volunteer Firefighter Retirement Plan which was not budgeted. The revenues and transfers in budget was increased by $162,580 to total $12,332,996. The increase resulted from investment earnings with favorable interest and unrealized gain on investments. Fire State Aid came in over budget due to recognizing the full amount of Fire State Aid ($169,000) instead of only the amount not passed through ($21,703) to the PERA Statewide Volunteer Firefighter Retirement Plan. 27 34