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CITY OF LAKE ELMO, MINNESOTA
<br />STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
<br />PROPRIETARY FUNDS
<br />FOR THE YEAR ENDED DECEMBER 31, 2023
<br />
<br />
<br />See accompanying notes. 35
<br />
<br />
<br /> Water Fund Sewer Fund
<br /> Storm Sewer
<br />Fund Totals
<br />OPERATING REVENUES
<br />Charges for Services 1,932,608$ 760,781$ 580,896$ 3,274,285$
<br />OPERATING EXPENSES
<br />Wages and Benefits 521,477 242,151 106,356 869,984
<br />Materials and Supplies 368,133 23,370 9,453 400,956
<br />Repairs and Maintenance 73,786 28,718 49,132 151,636
<br />Professional Services 250,034 117,318 46,110 413,462
<br />Insurance 25,923 15,790 3,728 45,441
<br />Utilities 178,976 553,361 422 732,759
<br />Miscellaneous 62,638 65,446 9,791 137,875
<br />Depreciation 2,148,531 1,121,402 791,557 4,061,490
<br />TOTAL OPERATING EXPENSES 3,629,498 2,167,556 1,016,549 6,813,603
<br />NET OPERATING INCOME (LOSS)(1,696,890) (1,406,775) (435,653) (3,539,318)
<br />NONOPERATING INCOME (EXPENSE)
<br />Special Assessments 18,013 519,257 7,363 544,633
<br />Intergovernmental 2,666,737 11 6 2,666,754
<br />Connection Fees 866,200 648,700 - 1,514,900
<br />Capital Contributions from Private Sources 2,164,179 2,060,698 2,402,156 6,627,033
<br />Investment Earnings (Losses)172,199 387,540 44,496 604,235
<br />Miscellaneous 5,671 33,126 30,323 69,120
<br />Interest and Other Charges (352,740) (356,724) (40,562) (750,026)
<br />TOTAL NONOPERATING
<br />INCOME (EXPENSE)5,540,259 3,292,608 2,443,782 11,276,649
<br />CHANGE IN NET POSITION PRIOR
<br />TO TRANSFERS 3,843,369 1,885,833 2,008,129 7,737,331
<br />TRANSFERS
<br />Interfund Capital Asset Transfers - 420,482 - 420,482
<br />CHANGE IN NET POSITION 3,843,369 2,306,315 2,008,129 8,157,813
<br />NET POSITION - BEGINNING OF YEAR 46,447,856 25,298,195 12,767,271 84,513,322
<br />NET POSITION - END OF YEAR 50,291,225$ 27,604,510$ 14,775,400$ 92,671,135$
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