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CITY OF LAKE ELMO, MINNESOTA <br />MANAGEMENT’S DISCUSSION AND ANALYSIS <br />DECEMBER 31, 2023 <br /> <br /> <br />22 <br />THE CITY’S FUNDS (Continued) <br /> <br />General Fund Budgetary Highlights <br />The City’s General Fund generated more revenue than budgeted of $345,081, excluding transfers in from other funds. <br />Expenditures were less than those budgeted by $1,034,906, excluding transfers to other funds. Budgetary deviations were <br />mostly distributed across departments but resulted most significantly from street maintenance and storm sewers, building <br />inspections, and administration and finance costs being less than anticipated. <br /> <br />Proprietary Funds <br />As the City completed the year, its business-type activities reported a combined net position of $92,671,135. This is an increase <br />of $8,157,813 from the prior year. The following is a summary of the City’s major proprietary funds: <br /> <br /> <br />The Water Fund net position increased due to significant intergovernmental revenues received from the MPCA in relation to <br />various projects during the year, as well as revenues being recognized in relation to infrastructure assets conveyed to the City <br />by local developers. <br /> <br /> <br />The Sewer Fund net position increased due to the City receiving developer contributed infrastructure during the year, <br />$2,060,698 of which was recognized in this fund. <br /> <br /> <br />The Storm Sewer Fund net position increased due to the City receiving developer contributed infrastructure during the year, <br />$2,402,156 of which was recognized in this fund. <br /> <br />Increase <br />2023 2022 (Decrease) <br />Water 50,291,225$ 46,447,856$ 3,843,369$ <br />Net Position December 31, <br />Major Funds <br />Sewer 27,604,510$ 25,298,195$ 2,306,315$ <br />Storm Sewer 14,775,400$ 12,767,271$ 2,008,129$