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CITY OF LAKE ELMO, MINNESOTA
<br />STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
<br />PROPRIETARY FUNDS
<br />FOR THE YEAR ENDED DECEMBER 31, 2024
<br />
<br />
<br />See accompanying notes. 35
<br />
<br />
<br /> Water Fund Sewer Fund
<br /> Storm Sewer
<br />Fund Totals
<br />OPERATING REVENUES
<br />Charges for Services 1,517,017$ 869,151$ 657,030$ 3,043,198$
<br />OPERATING EXPENSES
<br />Wages and Benefits 377,288 221,325 126,124 724,737
<br />Materials and Supplies 196,660 27,097 10,831 234,588
<br />Repairs and Maintenance 63,358 28,864 23,153 115,375
<br />Professional Services 167,667 131,631 58,161 357,459
<br />Insurance 24,606 14,308 4,117 43,031
<br />Utilities 133,870 794,270 957 929,097
<br />Miscellaneous 48,754 26,704 14,135 89,593
<br />Depreciation and Amortization 2,595,622 1,422,605 911,665 4,929,892
<br />TOTAL OPERATING EXPENSES 3,607,825 2,666,804 1,149,143 7,423,772
<br />NET OPERATING INCOME (LOSS)(2,090,808) (1,797,653) (492,113) (4,380,574)
<br />NONOPERATING INCOME (EXPENSE)
<br />Intergovernmental 6,600 2,596 1,274 10,470
<br />Investment Earnings (Losses)191,005 457,855 55,356 704,216
<br />Miscellaneous 5,979 107,097 16,508 129,584
<br />Interest and Other Charges (339,124) (329,701) (35,921) (704,746)
<br />TOTAL NONOPERATING
<br />INCOME (EXPENSE)(135,540) 237,847 37,217 139,524
<br />CHANGE IN NET POSITION PRIOR
<br />TO CONTRIBUTIONS AND TRANSFERS (2,226,348) (1,559,806) (454,896) (4,241,050)
<br />CAPITAL CONTRIBUTIONS AND TRANSFERS
<br />Capital Contributions:
<br />Capital Contributions from Private Sources 3,608,962 3,230,468 3,998,524 10,837,954
<br />Special Assessments 10,552 158,632 141 169,325
<br />Intergovernmental 2,991,659 - - 2,991,659
<br />Connection Fees 1,659,000 1,580,900 - 3,239,900
<br />TOTAL CAPITAL CONTRIBUTIONS
<br />AND TRANSFERS 8,270,173 4,970,000 3,998,665 17,238,838
<br />CHANGE IN NET POSITION 6,043,825 3,410,194 3,543,769 12,997,788
<br />NET POSITION - BEGINNING OF YEAR 50,291,225 27,604,510 14,775,400 92,671,135
<br />NET POSITION - END OF YEAR 56,335,050$ 31,014,704$ 18,319,169$ 105,668,923$
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