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CITY OF LAKE ELMO, MINNESOTA
<br />MANAGEMENT’S DISCUSSION AND ANALYSIS
<br />DECEMBER 31, 2023
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<br />17
<br />THE CITY AS A WHOLE
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<br />The City’s combined net position increased $19,697,043 from a year ago. Our analysis below focuses on the net position
<br />(Table 1) and changes in net position (Table 2) of the City’s governmental and business-type activities.
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<br />The net position of the City’s governmental activities increased by $11,539,230 (17.36 percent). Unrestricted net position (the
<br />part of net position that can be used to finance day-to-day operations without constraints established by debt covenants, enabling
<br />legislation, or other legal requirements) decreased by $2,206,628 compared to the prior year.
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<br />The net position of the City’s business-type activities increased by $8,157,813 (9.65 percent) from the prior year. Such increase
<br />can be attributed primarily to the capital contributions of infrastructure assets that were received from private developers during
<br />the year.
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<br />Table 1
<br />Net Position
<br />Governmental Business-Type Total
<br />Activities Activities Government
<br />2023 2022 2023 2022 2023 2022
<br />Current and Other Assets 31,241,789$ 35,836,750$ 25,155,915$ 26,273,660$ 56,397,704$ 62,110,410$
<br />Net Capital Assets 87,653,206 71,799,214 99,382,500 90,076,157 187,035,706 161,875,371
<br />Total Assets 118,894,995 107,635,964 124,538,415 116,349,817 243,433,410 223,985,781
<br />Deferred Outflows of Resources 1,100,857 1,375,926 116,538 181,480 1,217,395 1,557,406
<br />Current Liabilities 5,122,759 6,459,882 2,213,887 1,980,429 7,336,646 8,440,311
<br />Noncurrent Liabilities 34,161,649 34,230,125 29,627,608 30,027,530 63,789,257 64,257,655
<br />Total Liabilities 39,284,408 40,690,007 31,841,495 32,007,959 71,125,903 72,697,966
<br />Deferred Inflows of Resources 2,687,021 1,836,690 142,323 10,016 2,829,344 1,846,706
<br />Net Position:
<br />Net Investment in
<br />Capital Assets 54,209,637 39,647,112 69,826,808 59,998,083 124,036,445 99,645,195
<br />Restricted 11,658,502 12,475,169 - - 11,658,502 12,475,169
<br />Unrestricted 12,156,284 14,362,912 22,844,327 24,515,239 35,000,611 38,878,151
<br />Total Net Position 78,024,423$ 66,485,193$ 92,671,135$ 84,513,322$ 170,695,558$ 150,998,515$
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