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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 (Continued)
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<br />Table 2
<br />Changes in Net Position
<br />Governmental Business-Type Total
<br />Activities Activities Government
<br />2024 2023 2024 2023 2024 2023
<br />REVENUE
<br />Charges for Services 3,109,811$ 2,280,874$ 3,072,782$ 3,343,405$ 6,182,593$ 5,624,279$
<br />Operating Grants and
<br />Contributions 542,462 1,102,707 100,000 - 642,462 1,102,707
<br />Capital Grants and
<br />Contributions 17,900,192 9,895,930 17,238,838 11,353,274 35,139,030 21,249,204
<br />Property Taxes 8,905,064 7,822,031 - - 8,905,064 7,822,031
<br />Franchise Taxes 86,955 68,884 - - 86,955 68,884
<br />Intergovernmental 102,914 246,056 10,470 46 113,384 246,102
<br />Investment Earnings (Losses)1,050,711 1,137,908 704,216 604,235 1,754,927 1,742,143
<br />Other 8,079 46,528 - - 8,079 46,528
<br />Total Revenues 31,706,188 22,600,918 21,126,306 15,300,960 52,832,494 37,901,878
<br />PROGRAM EXPENSES
<br />General Government 1,513,163 1,220,552 - - 1,513,163 1,220,552
<br />Public Safety 3,853,006 3,228,801 - - 3,853,006 3,228,801
<br />Public Works 5,376,826 4,627,872 - - 5,376,826 4,627,872
<br />Parks and Recreation 848,199 526,835 - - 848,199 526,835
<br />Economic Development 7,074 - - - 7,074 -
<br />Interest and Other Charges 881,870 815,944 - - 881,870 815,944
<br />Water - - 3,946,949 3,982,238 3,946,949 3,982,238
<br />Sewer - - 2,996,505 2,524,280 2,996,505 2,524,280
<br />Storm Sewer - - 1,185,064 1,057,111 1,185,064 1,057,111
<br />Total Expenses 12,480,138 10,420,004 8,128,518 7,563,629 20,608,656 17,983,633
<br />Increase (Decrease) in Net Position
<br />Before Transfers/Other Items 19,226,050 12,180,914 12,997,788 7,737,331 32,223,838 19,918,245
<br />Gain (Loss) on Disposal of Assets 108,120 (221,202) - - 108,120 (221,202)
<br />Capital Asset Transfers - (420,482) - 420,482 - -
<br />Change in Net Position 19,334,170 11,539,230 12,997,788 8,157,813 32,331,958 19,697,043
<br />Net Position - Beginning of Year 78,024,423 66,485,193 92,671,135 84,513,322 170,695,558 150,998,515
<br />Net Position - End of Year 97,358,593$ 78,024,423$ 105,668,923$ 92,671,135$ 203,027,516$ 170,695,558$
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<br />The City’s total revenues increased by $14,930,616 (39.39 percent). The total cost of all programs and services increased by
<br />$2,625,023 (14.60 percent). Our following analysis separately considers the operations of governmental and business-type
<br />activities.
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