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CITY OF LAKE ELMO, MINNESOTA
<br />MANAGEMENT’S DISCUSSION AND ANALYSIS
<br />DECEMBER 31, 2024
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<br />THE CITY AS A WHOLE
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<br />The City’s combined net position increased $32,331,958 from a year ago. Our analysis below focuses on the net position
<br />(Table 1) and changes in net position (Table 2) of the City’s governmental and business-type activities.
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<br />Table 1
<br />Net Position
<br />Governmental Business-Type Total
<br />Activities Activities Government
<br />2024 2023 2024 2023 2024 2023
<br />Current and Other Assets 34,849,746$ 31,241,789$ 24,775,850$ 25,155,915$ 59,625,596$ 56,397,704$
<br />Net Capital Assets 104,806,610 87,653,206 110,083,564 99,382,500 214,890,174 187,035,706
<br />Total Assets 139,656,356 118,894,995 134,859,414 124,538,415 274,515,770 243,433,410
<br />Deferred Outflows of Resources 1,209,375 1,100,857 73,516 116,538 1,282,891 1,217,395
<br />Current Liabilities 4,890,355 5,122,759 1,443,233 2,213,887 6,333,588 7,336,646
<br />Noncurrent Liabilities 35,907,834 34,161,649 27,665,367 29,627,608 63,573,201 63,789,257
<br />Total Liabilities 40,798,189 39,284,408 29,108,600 31,841,495 69,906,789 71,125,903
<br />Deferred Inflows of Resources 2,708,949 2,687,021 155,407 142,323 2,864,356 2,829,344
<br />Net Position:
<br />Net Investment in
<br />Capital Assets 71,683,376 54,209,637 82,708,847 69,826,808 154,392,223 124,036,445
<br />Restricted 15,985,561 11,658,502 - - 15,985,561 11,658,502
<br />Unrestricted 9,689,656 12,156,284 22,960,076 22,844,327 32,649,732 35,000,611
<br />Total Net Position 97,358,593$ 78,024,423$ 105,668,923$ 92,671,135$ 203,027,516$ 170,695,558$
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<br />The net position of the City’s governmental activities increased by $19,334,170 (24.78 percent). Unrestricted net position (the
<br />part of net position that can be used to finance day-to-day operations without constraints established by debt covenants, enabling
<br />legislation, or other legal requirements) decreased by $2,466,628 compared to the prior year.
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<br />The net position of the City’s business-type activities increased by $12,997,788 (14.03 percent) from the prior year. Such
<br />increase can be attributed primarily to the capital contributions of infrastructure assets that were received from private
<br />developers during the year.
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