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City of Elk River
<br />Financial Analysis
<br />General Fund — Budgetary Comparison
<br />Variance
<br />With Final
<br />Original and
<br />Actual
<br />Budget -
<br />Final Budget
<br />mounts
<br />Revenues
<br />Property taxes
<br />$12,315,000
<br />$12,297,572
<br />$ (17,428)
<br />Other taxes
<br />150,000
<br />233,745
<br />83,745
<br />Licenses and permits
<br />778,500
<br />1,015,529
<br />237,029
<br />Intergovernmental
<br />602,500
<br />581,927
<br />(20,573)
<br />Charges for services
<br />950,400
<br />1,077,855
<br />127,455
<br />Fines and forfeitures
<br />120,000
<br />127,266
<br />7,266
<br />Miscellaneous revenues
<br />236,500
<br />299,598
<br />63,098
<br />Total revenues
<br />15,152,900
<br />15,633,492
<br />480,592
<br />Expenditures
<br />General government
<br />4,256,750
<br />4,173,627
<br />(83,123)
<br />Public safety
<br />8,378,550
<br />8,273,612
<br />(104,938)
<br />Public works
<br />2,413,400
<br />2,328,853
<br />(84,547)
<br />Culture and recreation
<br />2,058,800
<br />2,015,790
<br />(43,010)
<br />Capital outlay
<br />53,000
<br />37,718
<br />(15,282)
<br />Total expenditures
<br />17,160,500
<br />16,829,600
<br />(330,900)
<br />Excess of revenues over
<br />(under) disbursements
<br />(2,007,600)
<br />(1,196,108)
<br />811,492
<br />Other Financing Sources (Uses)
<br />Net transfers
<br />2,007,600
<br />1,696,009
<br />(311,591)
<br />Net change in fund balances
<br />$ -
<br />$ 499,901
<br />$ 499,901
<br />The City had a balanced budget in 2021 with anticipated revenues and net transfers equaling budgeted
<br />expenditures of $17,160,500. Overall, actual revenue was $480,592, or 3.2%, over budget. Licenses and
<br />permits revenue was $237,029 over budget due to receiving higher building and plumbing and heating
<br />permit revenue than anticipated. The charges for services category was $127,455 over budget related to
<br />plan check fees and police services. All other revenue categories were relatively consistent with the
<br />budget.
<br />Overall, actual expenditures were less than budgeted amounts by $330,900, or 1.9%. All of the
<br />departments came in under their respective budgeted amounts. Culture and recreation came in under
<br />budget by $43,010 due to the impact of COVID-19 on operations. Public safety was $104,938 under
<br />budget based on personnel vacancies and less operational expenditures than anticipated. General
<br />government expenditures were less than anticipated due to personnel vacancies. All other expenditure
<br />categories were less than anticipated.
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