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CITY OF LAKE ELMO, MINNESOTA
<br />MANAGEMENT’S DISCUSSION AND ANALYSIS
<br />DECEMBER 31, 2023
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<br />THE CITY AS A WHOLE (Continued)
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<br />The City’s total revenues increased by $1,601,755 (4.41 percent). The total cost of all programs and services increased by
<br />$1,720,576 (10.58 percent). Our following analysis separately considers the operations of governmental and business-type
<br />activities.
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<br />Table 2
<br />Changes in Net Position
<br />Governmental Business-Type Total
<br />Activities Activities Government
<br />2023 2022 2023 2022 2023 2022
<br />REVENUE
<br />Charges for Services 2,280,874$ 2,889,869$ 4,858,305$ 5,284,821$ 7,139,179$ 8,174,690$
<br />Operating Grants and
<br />Contributions 1,102,707 391,306 - - 1,102,707 391,306
<br />Capital Grants and
<br />Contributions 9,895,930 4,783,094 9,838,374 15,257,903 19,734,304 20,040,997
<br />Property Taxes 7,822,031 7,488,228 - - 7,822,031 7,488,228
<br />Franchise Taxes 68,884 77,694 - - 68,884 77,694
<br />Intergovernmental 246,056 703,388 46 2,146 246,102 705,534
<br />Investment Earnings (Losses)1,137,908 (380,657) 604,235 (221,053) 1,742,143 (601,710)
<br />Other 46,528 23,384 - - 46,528 23,384
<br />Total Revenues 22,600,918 15,976,306 15,300,960 20,323,817 37,901,878 36,300,123
<br />PROGRAM EXPENSES
<br />General Government 1,220,552 1,055,405 - - 1,220,552 1,055,405
<br />Public Safety 3,228,801 2,939,066 - - 3,228,801 2,939,066
<br />Public Works 4,627,872 4,831,584 - - 4,627,872 4,831,584
<br />Parks and Recreation 526,835 415,377 - - 526,835 415,377
<br />Interest and Other Charges 815,944 716,093 - - 815,944 716,093
<br />Water - - 3,982,238 3,280,875 3,982,238 3,280,875
<br />Sewer - - 2,524,280 2,071,858 2,524,280 2,071,858
<br />Storm Sewer - - 1,057,111 952,799 1,057,111 952,799
<br />Total Expenses 10,420,004 9,957,525 7,563,629 6,305,532 17,983,633 16,263,057
<br />Increase (Decrease) in Net Position
<br />Before Transfers/Other Items 12,180,914 6,018,781 7,737,331 14,018,285 19,918,245 20,037,066
<br />Gain (Loss) on Disposal of Assets (221,202) 69,985 - - (221,202) 69,985
<br />Capital Asset Transfers (420,482) 3,261,225 420,482 (3,261,225) - -
<br />Change in Net Position 11,539,230 9,349,991 8,157,813 10,757,060 19,697,043 20,107,051
<br />Net Position - Beginning of Year 66,485,193 57,135,202 84,513,322 73,756,262 150,998,515 130,891,464
<br />Net Position - End of Year 78,024,423$ 66,485,193$ 92,671,135$ 84,513,322$ 170,695,558$ 150,998,515$
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