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CITY OF LAKE ELMO, MINNESOTA
<br />CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
<br />LAST TEN YEARS
<br />
<br />
<br />115
<br />2024 2023 2022 2021 2020
<br />Revenues:
<br />General Property Taxes 8,988,453$ 7,888,556$ 7,562,013$ 5,303,553$ 4,947,133$
<br />Licenses and Permits 1,020,801 1,148,190 1,646,539 1,485,658 1,425,695
<br />Intergovernmental 2,326,904 1,331,531 1,121,633 722,128 1,023,193
<br />Charges for Services 2,007,322 1,081,606 1,170,762 1,151,914 1,273,241
<br />Fines and Forfeits 55,286 45,402 34,711 45,749 33,584
<br />Special Assessments 1,115,513 909,054 570,486 862,766 474,099
<br />Park Dedication Fees - - - 1,845,371 714,558
<br />Investment Earnings (Losses)986,898 1,072,572 (419,853) (13,874) 348,766
<br />Lease Interest 63,813 65,336 39,196 - -
<br />Miscellaneous 107,605 86,193 150,426 177,000 183,711
<br /> Total Revenues 16,672,595 13,628,440 11,875,913 11,580,265 10,423,980
<br />Expenditures:
<br />Current:
<br />General Government 1,437,156 1,213,697 1,017,210 1,056,983 1,005,254
<br />Public Safety 3,749,563 3,037,244 2,701,216 3,003,677 2,641,770
<br />Public Works 1,501,472 1,355,217 1,763,030 1,488,448 1,493,370
<br />Parks And Recreation 492,788 410,492 282,789 258,690 310,066
<br />Economic Development Authority 7,074 - - 53,264 46,371
<br />Debt service:
<br />Principal 2,705,000 2,480,000 1,870,000 3,641,000 1,790,000
<br />Interest and Fiscal Charges 990,313 863,089 611,636 425,797 420,299
<br />Capital Outlay 6,748,063 11,806,496 14,912,731 4,915,641 1,846,843
<br /> Total Expenditures 17,631,429 21,166,235 23,158,612 14,843,500 9,553,973
<br />Excess (Deficiency) of Revenues
<br />Over Expenditures (958,834) (7,537,795) (11,282,699) (3,263,235) 870,007
<br />Other Financing Sources (Uses):
<br />Issuance of Debt 4,195,000 3,410,000 4,905,000 6,126,989 -
<br />Premium on Issuance of Debt 349,883 317,037 326,200 (876,989) -
<br />(Discount) on Issuance of Debt - - - 15,675,000 -
<br />Proceeds from Sale of Capital Assets 109,573 60,600 76,162 548,115 13,805
<br />Transfers In 1,541,103 466,799 252,074 - 1,900,244
<br />Transfers Out (1,541,103) (466,799) (252,074) 17,300 (1,900,244)
<br /> Total Other Financing
<br /> Sources (Uses)4,654,456 3,787,637 5,307,362 21,490,415 13,805
<br />Net Change in Fund Balance 3,695,622$ (3,750,158)$ (5,975,337)$ 18,227,180$ 883,812$
<br />Debt Service as a Percentage of
<br />Noncapital Expenditures 33.1%35.1%28.3%40.9%26.8%
<br />Debt Service as a Percentage of
<br />Total Expenditures 21.0%15.8%10.7%27.4%23.1%
<br />GASB 87 was implemented in 2022. Lease revenue for years prior to 2022 was not restated.
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