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CITY OF LAKE ELMO, MINNESOTA
<br />CHANGES IN NET POSITION (Continued)
<br />LAST TEN YEARS
<br />
<br />
<br />111
<br />2024 2023 2022 2021 2020
<br />Net (Expense) Revenue:
<br />Governmental Activities 9,072,327$ 2,859,507$ (1,893,256)$ 3,432,341$ 223,409$
<br />Business-Type Activities 12,283,102 7,133,050 14,237,192 16,077,025 13,082,215
<br />Total Primary Government, net 21,355,429 9,992,557 12,343,936 19,509,366 13,305,624
<br />General Revenues and Other
<br />Changes in Net Position:
<br />Governmental Activities:
<br />General Property Taxes 8,992,019 7,890,915 7,565,922 5,294,950 4,960,342
<br />Unrestricted Grants
<br />and Contributions 102,914 246,056 703,388 4,639 4,337
<br />Unrestricted Investment
<br />Earnings (Losses)1,050,711 1,137,908 (380,657) (13,874) 348,766
<br />Miscellaneous 8,079 46,528 23,384 - -
<br />Gain (Loss) on Disposal of
<br />Capital Assets 108,120 (221,202) 69,985 17,300 13,805
<br />Transfers - (420,482) 3,261,225 5,250,000 -
<br />Total Governmental Activities 10,261,843 8,679,723 11,243,247 10,553,015 5,327,250
<br />Business-Type Activities:
<br />Unrestricted Grants
<br />and Contributions 10,470 46 2,146 - -
<br />Unrestricted Investment
<br />Earnings (Losses)704,216 604,235 (221,053) (20,945) 286,350
<br />Extraordinary Item - - - - -
<br />Transfers - 420,482 (3,261,225) (5,250,000) -
<br />Total Business-Type Activities 714,686 1,024,763 (3,480,132) (5,270,945) 286,350
<br />Total Primary Government 10,976,529$ 9,704,486$ 7,763,115$ 5,282,070$ 5,613,600$
<br />Change in Net Position:
<br />Governmental Activities 19,334,170$ 11,539,230$ 9,349,991$ 13,985,356$ 5,550,659$
<br />Business-Type Activities 12,997,788 8,157,813 10,757,060 10,806,080 13,368,565
<br />Total Primary Government
<br />Change in Net Position 32,331,958$ 19,697,043$ 20,107,051$ 24,791,436$ 18,919,224$
<br />GASB 68 was implemented in 2015. Pension expense for years prior to 2015 was not restated.
<br />GASB 75 was implemented in 2018. OPEB expense for years prior to 2018 was not restated.
<br />GASB 87 was implemented in 2022. Lease revenue for years prior to 2022 was not restated.
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