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<br />12
<br />City of Elk River
<br />Financial Analysis
<br />
<br />
<br />General Fund – Budgetary Comparison
<br />
<br />Actual
<br />Amounts
<br />Revenues
<br />Property taxes $14,917,700 $14,887,537 (30,163)$
<br />Other taxes 225,000 168,050 (56,950)
<br />Licenses and permits 1,008,200 768,995 (239,205)
<br />Intergovernmental 659,000 921,230 262,230
<br />Charges for services 1,185,700 1,308,509 122,809
<br />Fines and forfeitures 150,000 176,559 26,559
<br />Miscellaneous revenues 330,000 477,432 147,432
<br />Total revenues 18,475,600 18,708,312 232,712
<br />Expenditures
<br />General government 5,316,650 5,340,356 23,706
<br />Public safety 10,119,500 10,517,190 397,690
<br />Public works 2,878,800 2,373,814 (504,986)
<br />Culture and recreation 2,668,700 2,522,176 (146,524)
<br />Debt service 91,750 109,035 17,285
<br />Capital outlay 24,200 175,323 151,123
<br />Total expenditures 21,099,600 21,037,894 (61,706)
<br />Excess of revenues over
<br /> (under) disbursements (2,624,000) (2,329,582) 294,418
<br />Other Financing Sources (Uses)
<br />Lease issuance - 99,914 99,914
<br />Net transfers 2,624,000 2,444,843 (179,157)
<br />Net change in fund balances -$ 215,175$ 215,175$
<br />Variance With
<br />Final Budget -
<br />Over (Under)
<br />Original and
<br />Final Budget
<br />The City had a balanced budget in 2024 with anticipated revenues and net transfers equaling
<br />budgeted expenditures of $21,099,600. Overall, actual revenue was $232,712, or 1.3%, over budget.
<br />Intergovernmental revenue was $262,230 over budget with fire and police aid amounts along with
<br />state crime prevention grants exceeding budgeted amounts. The miscellaneous revenues category
<br />was $147,432 over budget due in large part to investment income coming in higher than budgeted.
<br />Charges for services was $122,809 over budget due in part to revenue from fire contracts, farmer’s
<br />market, and park use fees coming in higher than anticipated. Licenses and permits was $239,205
<br />under budget as building permit revenue was less than budgeted.
<br />
<br />Overall, actual expenditures were less than budgeted amounts by $61,706, or 0.3%. The primary
<br />driver of the expenditures being under budget related to the public works expenditures, which were
<br />$504,986 under budget based on lesser wages and supply costs than anticipated. Culture and
<br />recreation was $146,524 under budget based on personnel costs and less repair and maintenance
<br />expenditures than anticipated.
<br />Page 387 of 637
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