Laserfiche WebLink
CITY OF LAKE ELMO, MINNESOTA <br />MANAGEMENT’S DISCUSSION AND ANALYSIS <br />DECEMBER 31, 2023 <br /> <br /> <br />21 <br />THE CITY’S FUNDS (Continued) <br /> <br />General Fund Expenditures <br /> <br />A significant portion of the City’s General Fund expenditures are used for public safety (48.79 percent). Remaining <br />expenditures are used primarily for public works (20.63 percent) and general government (19.50 percent). Expenditures are <br />comparable to the prior year. <br /> <br /> <br /> <br /> <br />The Debt Service fund balance increased as a result of an increase in property tax and assessment revenue. <br /> <br /> <br /> <br />The City Hall / Fire Station Bldg Project fund balance decreased due to substantial capital outlay expenditures being incurred <br />throughout the year for the construction of the City Hall and Fire Station project. <br /> <br /> <br /> <br />The 2023 Street Improvements fund balance increased due to the City receiving bond proceeds during the year in relation to <br />their 2023A G.O. Improvement and Utility Revenue Bond issuance. <br />Increase <br />2023 2022 (Decrease) <br />Fund Balance December 31, <br />Major Funds <br />Debt Service Fund 5,026,712$ 4,535,578$ 491,134$ <br />City Hall / Fire Station Bldg Project Fund 1,448,996$ 6,720,887$ (5,271,891)$ <br />2023 Street Improvements 287,830$ (53,095)$ 340,925$