Laserfiche WebLink
CITY OF LAKE ELMO, MINNESOTA <br />MANAGEMENT’S DISCUSSION AND ANALYSIS <br />DECEMBER 31, 2024 <br /> <br /> <br />20 <br />THE CITY’S FUNDS <br /> <br />Governmental Funds <br />As the City completed the year, its governmental funds (as presented in the balance sheet on page 28) reported a combined <br />fund balance of $24,381,058. This is an increase of $3,695,622 from the prior year. Operations were comparable to the prior <br />year, with the exception of an increase in property taxes, intergovernmental revenues, and charges for services (park dedication <br />fees). Additionally, the City incurred fewer capital outlay expenditures, due to the City Hall and Fire Station building project <br />being completed in 2024. Financial information specific to the governmental funds is detailed on the following page. Such <br />information was derived from the fund financials. <br /> <br />Increase <br />2024 2023 (Decrease) <br />General 10,324,572$ 8,920,580$ 1,403,992$ <br />Fund Balance December 31, <br />Major Funds <br /> <br />The fund balance of the General Fund increased by $1,403,992 compared to 2023. Details of the General Fund’s revenues and <br />expenditures are displayed below: <br /> <br />General Fund Revenues <br /> Property Taxes <br /> Franchise Taxes <br /> Licenses, Permits, and Fees <br /> Intergovernmental <br /> Charges for Services <br /> Fines <br /> Investment Earnings <br /> Lease Interest <br /> Miscellaneous <br /> <br /> <br />The City received the majority of its funding in the General Fund in the form of grants and funding received from property <br />taxes (65.35 percent), licenses, permits, and fees (11.16 percent), charges for services (9.98 percent), and other governmental <br />agencies (5.48 percent). Overall, the City’s General Fund revenues were comparable to the prior year , with the exception of <br />property taxes that increased as planned with the 2024 levy. <br />