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CITY OF LAKE ELMO, MINNESOTA <br />MANAGEMENT’S DISCUSSION AND ANALYSIS <br />DECEMBER 31, 2024 <br /> <br /> <br />21 <br />THE CITY’S FUNDS (Continued) <br /> <br />General Fund Expenditures <br /> General Government <br /> Public Safety <br /> Public Works <br /> Parks and Recreation <br /> Capital Outlay <br /> <br /> <br />A significant portion of the City’s General Fund expenditures are used for public safety (54.84 percent). Remaining <br />expenditures are used primarily for public works (15.64 percent) and general government (21.02 percent). Expenditures are <br />comparable to the prior year. <br /> <br />Increase <br />2024 2023 (Decrease) <br />Fund Balance December 31, <br />Major Funds <br /> <br />Debt Service 5,678,193$ 5,026,712$ 651,481$ <br /> <br />The Debt Service fund balance increased as a result of an increase in property tax and assessment revenue, which exceeded the <br />principal and interest payments. <br /> <br />2024 Street & Utility Improvement 368,438$ (56,882)$ 425,320$ <br /> <br />The 2024 Street & Utility Improvement fund balance increased due to the City receiving bond proceeds during the year in <br />relation to their 2024A G.O. Improvement Bond issuance, which exceeded the capital expenditures to-date for the 2024 Street <br />and Utility Improvements project. <br /> <br />Hudson Blvd Imp-Seg A-InwdHdrx 1,219,181$ (53,827)$ 1,273,008$ <br /> <br />The Hudson Blvd Imp-Seg A-InwdHdrx fund balance increased due to the City receiving the 2024A G.O. Improvement Bond <br />proceeds and supplemental aid from the State, which exceeded the capital expenditures to-date for the Hudson Blvd. <br />Improvements project. <br />