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5.1. 2019 FINAL Audited Financial Statements
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5.1. 2019 FINAL Audited Financial Statements
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CITY OF PEQUOT LAKES, MINNESOTA <br />MANAGEMENT’S DISCUSSION AND ANALYSIS <br />DECEMBER 31, 2019 <br /> <br /> <br />9 <br />THE CITY’S FUNDS <br /> <br />Governmental Funds <br />As the City completed the year, its governmental funds (as presented in the balance sheet on page fifteen) reported a combined <br />fund balance of $6,624,977. This is an increase of $154,082 from the prior year. Operations were comparable to the prior year, <br />with the exception of an decrease in capital outlay due to fewer capital improvement project expenditures and equipment <br />purchases in the current year. Financial information specific to the governmental funds is detailed in the following pages. Such <br />information was derived from the fund financials. The following is a summary of the City’s major governmental funds: <br /> <br />Increase <br />2019 2018 (Decrease) <br />General 563,448$ 570,590$ (7,142)$ <br />Fund Balance December 31, <br />Major Fund <br /> <br /> <br />The fund balance of the General Fund decreased by $7,142 compared to 2018. Overall, operations were generally consistent year- <br />to-year, with the exception of an increase in charges for services, an increase in public safety and public works expenditures, along <br />with fewer expenditures incurred for economic development and capital outlay in the current year. Details of the General Fund’s <br />revenues and expenditures are displayed below: <br /> <br />General Fund Revenues <br /> Taxes <br /> Special Assessments <br /> Franchise Taxes <br /> Licenses, Permits and Fees <br /> Intergovernmental <br /> Charges for Services <br /> Fines <br /> Investment Income <br /> Rental Income <br /> Sale of Land Held for Sale <br /> Miscellaneous <br /> <br /> <br />The City receives the majority of its funding in the General Fund in the form of taxes (71.16 percent), funding received from other <br />governmental agencies (10.56 percent) and miscellaneous sources (7.22 percent). Overall, the City’s General Fund revenues were <br />comparable to the prior year.
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