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GOVERNMENTAL FUNDS REVENUE The following table presents the per capita revenue of the City's governmental funds for the past three years, along with state-wide averages. We have included the most recent comparative state-wide averages available from the OSA to provide a benchmark for interpreting the City's data. The amounts received from the typical major sources of governmental fund revenue will naturally vary between cities based on factors such as a city's stage of development, location, size and density of its population, property values, services it provides, and other attributes. It will also differ from year-to-year, due to the effect of inflation and changes in its operation. Also, certain data in these tables may be classified differently than how they appear in the City's financial statements in order to be more comparable to the state-wide information, particularly in separating capital expenditures from current expenditures. We have designed this section of our management report using per capita data in order to better identify unique or unusual trends and activities of the City. We intend for this type of comparative and trend information to complement, rather than duplicate, information in the MD&A. An inherent difficulty in presenting per capita information is the accuracy of the population count, which for most years is based on estimates. Governmental Funds Revenue per Capita With State -Wide Averages by Population Class State -Wide City of Mounds View Year December 31, 2021 2021 2022 2023 Population 2,500-10,000 10,000-20,000 20,000-100,000 13,187 13,100 13,100 Property taxes $ 560 $ 529 $ 557 $ 447 $ 463 $ 494 Tax increments 38 36 49 142 144 136 Franchise and other taxes 52 66 53 64 78 74 Special assessments 59 41 56 2 2 2 Licenses and permits 45 46 53 22 29 20 Intergovernmental revenues 421 293 202 193 201 214 Charges for services 135 111 110 29 36 59 Other 60 39 26 27 17 104 Total revenue $ 1,370 $ 1,161 $ 1,106 $ 926 $ 970 $1,103 The City's governmental funds revenue for 2023 was $14,448,721, an increase of $1,760,287 from the prior year. On a per capita basis, the City received $1,103 in governmental funds revenue for 2023, an increase of $133 from the prior year. The City has historically generated much higher tax increment revenue than average because of the amount of redevelopment within the City. Property taxes increased as anticipated with the change in the adopted levy. The largest change in the table above was the increase in the "Other" category, which includes investment earnings. Shifts in interest rates between fiscal years has had a significant impact on the fair value on certain investments held by the City. Required fair value adjustments on investments was a significant factor in the increase in investment earnings compared to the prior year. ere