5.1. 2019 FINAL Audited Financial Statements

Home Browse Search

CITY OF PEQUOT LAKES, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS DECEMBER 31, 2019 9 THE CITY’S FUNDS Governmental Funds As the City completed the year, its governmental funds (as presented in the balance sheet on page fifteen) reported a combined fund balance of $6,624,977. This is an increase of $154,082 from the prior year. Operations were comparable to the prior year, with the exception of an decrease in capital outlay due to fewer capital improvement project expenditures and equipment purchases in the current year. Financial information specific to the governmental funds is detailed in the following pages. Such information was derived from the fund financials. The following is a summary of the City’s major governmental funds: Increase 2019 2018 (Decrease) General 563,448$ 570,590$ (7,142)$ Fund Balance December 31, Major Fund The fund balance of the General Fund decreased by $7,142 compared to 2018. Overall, operations were generally consistent year- to-year, with the exception of an increase in charges for services, an increase in public safety and public works expenditures, along with fewer expenditures incurred for economic development and capital outlay in the current year. Details of the General Fund’s revenues and expenditures are displayed below: General Fund Revenues Taxes Special Assessments Franchise Taxes Licenses, Permits and Fees Intergovernmental Charges for Services Fines Investment Income Rental Income Sale of Land Held for Sale Miscellaneous The City receives the majority of its funding in the General Fund in the form of taxes (71.16 percent), funding received from other governmental agencies (10.56 percent) and miscellaneous sources (7.22 percent). Overall, the City’s General Fund revenues were comparable to the prior year.