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<br />10
<br />City of Elk River
<br />Financial Analysis
<br />
<br />
<br />General Fund – Revenues
<br />The following graph presents comparisons of revenues by type, illustrating the majority of revenue
<br />for the City is from taxes, representing 80.5% of total General Fund revenues. Other revenues include
<br />items such as fines and forfeitures, investment earnings, and other miscellaneous items.
<br />
<br />Revenues of the General Fund increased from 2023 to 2024 by $1,220,276, or 7.0%. Tax revenue had
<br />the largest increase of $1,113,940 based on the increase in taxes levied for the fund. The
<br />intergovernmental revenue category increased $214,313 related to increases in police state aid and
<br />state crime prevention grants compared to 2023. Licenses and permits revenue decreased $207,265
<br />due to a decrease in construction resulting in less licenses and permits applied for. Other category
<br />sources of revenue had relatively minor fluctuations when compared to the prior year.
<br />
<br />2020 2021 2022 2023 2024
<br />Charges for Services $820,666 $1,077,855 $1,164,410 $1,247,308 $1,308,509
<br />Other 369,125 426,864 466,605 615,904 653,991
<br />Licenses and Permits 665,519 1,015,529 939,133 976,260 768,995
<br />Intergovernmental 674,061 581,927 657,107 706,917 921,230
<br />Taxes 12,127,323 12,531,317 13,190,416 13,941,647 15,055,587
<br /> $-
<br /> $2,000,000
<br /> $4,000,000
<br /> $6,000,000
<br /> $8,000,000
<br /> $10,000,000
<br /> $12,000,000
<br /> $14,000,000
<br /> $16,000,000
<br /> $18,000,000
<br /> $20,000,000
<br />General Fund Revenues
<br />
<br />Page 385 of 637
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