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CITY OF MOUNDS VIEW
<br />Management's Discussion and Analysis
<br />Year Ended December 31, 2023
<br />As management of the City of Mounds View, Minnesota (the City), we offer readers of the City's Annual
<br />Comprehensive Financial Report (ACFR) this narrative overview and analysis of the financial activities of
<br />the City for the fiscal year ended December 31, 2023. We encourage readers to consider the information
<br />presented here in conjunction with additional information that we have furnished in our letter of transmittal,
<br />which is presented in the introductory section of this report.
<br />FINANCIAL HIGHLIGHTS
<br />• The assets and deferred outflows of resources of the City exceeded its liabilities and deferred
<br />inflows at the close of the most recent fiscal year by $59,962,664 (net position). Of this amount,
<br />$15,338,540 (unrestricted net position) maybe used to meet the government's ongoing obligations
<br />to citizens and creditors.
<br />The government's total net position decreased by $785,088. Governmental activities decreased
<br />total net position by $1,231,521, while business -type activities increased total net position by
<br />$446,433.
<br />As of the close of the current fiscal year, the City's governmental funds reported combined ending
<br />fund balances of $17,658,413. The City reported a net decrease of $859,045 in comparison with
<br />the prior year. Approximately 12.8 percent of total fund balance, or $2,254,010, is restricted for
<br />economic development, tax increment, communications, public safety, parks and recreation,
<br />conservation, and debt service. Approximately 55.9 percent, or $9,876,213, is assigned for future
<br />expenditures, and 31.3 percent, or $5,528,190, is unassigned, which is available for spending at the
<br />government's discretion.
<br />• At the end of the current fiscal year, unassigned fund balance for the General Fund was $5,528,190,
<br />or 67.6 percent, of total General Fund expenditures.
<br />The City's total long-term debt (excluding bond premium, compensated absences, total other
<br />post -employment benefits (OPEB) liability, and net pension liability) decreased by $720,475, or
<br />6.7 percent, during the current fiscal year. The decrease was the result of scheduled debt service.
<br />OVERVIEW OF THE FINANCIAL STATEMENTS
<br />This discussion and analysis is intended to serve as an introduction to the City's basic financial statements.
<br />The City's basic financial statements are comprised of three components: 1) government -wide financial
<br />statements, 2) fund financial statements, and 3) notes to basic financial statements. This report also contains
<br />other supplementary information in addition to the basic financial statements themselves.
<br />Irbil
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