|
City of Elk River
<br />Financial Analysis
<br />General Fund - Budgetary Comparison
<br />Variance
<br />With Final
<br />ir
<br />Original and
<br />Actual
<br />Budget -
<br />Final Budget
<br />Amounts
<br />Over (Under)
<br />Revenues
<br />Property taxes
<br />$ 13,109,300
<br />$ 13,017,377
<br />$ (91,923)
<br />Other taxes
<br />180,000
<br />173,039
<br />(6,961)
<br />Licenses and permits
<br />865,700
<br />939,133
<br />73,433
<br />Intergovernmental
<br />623,000
<br />657,107
<br />34,107
<br />Charges for services
<br />1,053,000
<br />1,164,410
<br />111,410
<br />Fines and forfeitures
<br />120,000
<br />127,954
<br />7,954
<br />Miscellaneous revenues
<br />260,000
<br />338,651
<br />78,651
<br />Total revenues
<br />16,211,000
<br />16,417,671
<br />206,671
<br />Expenditures
<br />General government
<br />4,695,950
<br />4,463,622
<br />(232,328)
<br />Public safety
<br />8,916,450
<br />9,038,263
<br />121,813
<br />Public works
<br />2,485,350
<br />2,399,494
<br />(85,856)
<br />Culture and recreation
<br />2,411,900
<br />2,398,314
<br />(13,586)
<br />Debt service
<br />-
<br />106,845
<br />106,845
<br />Capital outlay
<br />-
<br />257,243
<br />257,243
<br />Total expenditures
<br />18,509,650
<br />18,663,781
<br />154,131
<br />Excess of revenues over
<br />(under) disbursements
<br />(2,298,650)
<br />(2,246,110)
<br />52,540
<br />Other Financing Sources (Uses)
<br />Lease issuance
<br />-
<br />225,719
<br />225,719
<br />Net transfers
<br />2,298,650
<br />2,158,650
<br />(140,000)
<br />Total other financing sources (uses)
<br />2,298,650
<br />2,384,369
<br />85,719
<br />Net change in fund balances
<br />$ -
<br />$ 138,259
<br />$ 138,259
<br />The City had a balanced budget in 2022 with anticipated revenues and net transfers equaling budgeted
<br />expenditures of $18,509,650. Overall, actual revenue was $206,671, or 1.3%, over budget. The charges
<br />for services category was $111,410 over budget related to increased fire contracts, farmers market
<br />revenue, and police services. All other revenue categories were relatively consistent with the budget.
<br />Overall, actual expenditures were more than budgeted amounts by $154,131, or 0.8%. The primary
<br />driver of the expenditures being budget related to the debt service and capital outlay categories, which
<br />were not budgeted. These categories had actual expenditure amounts in 2022 as the result of the required
<br />implementation of GASB Statement No. 87, which changed the accounting for leases. Public safety was
<br />$121,813 over budget based on personnel costs and more operational expenditures than anticipated.
<br />General government expenditures were $232,328 less than anticipated as a result of less wages due in
<br />part to personnel vacancies. All other expenditure categories had minor budget variances and were less
<br />than anticipated.
<br />12
<br />
|