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CITY OF PEQUOT LAKES,MINNESOTA
<br /> MANAGEMENT'S DISCUSSION AND ANALYSIS
<br /> DECEMBER 31,2022
<br /> THE CITY AS A WHOLE
<br /> The City's combined net position decreased$376,719 from a year ago. Our analysis below focuses on the net position(Table 1)
<br /> and changes in net position(Table 2)of the City's governmental and business-type activities.
<br /> Table 1
<br /> Net Position
<br /> Governmental Business-Type Total
<br /> Activities Activities Government
<br /> 2022 2021 2022 2021 2022 2021
<br /> Current and Other Assets $ 6,648,099 $7,330,368 $ 2,878,423 $2,817,922 $ 9,526,522 $10,148,290
<br /> Net Capital Assets 10,538,896 10,747,900 3,859,515 4,011,492 14,398,411 14,759,392
<br /> Total Assets 17,186,995 18,078,268 6,737,938 6,829,414 23,924,933 24,907,682
<br /> Deferred Outflows of Resources 1,035,489 719,277 25,492 20,108 1,060,981 739,385
<br /> Current Liabilities 60,581 142,559 111,972 140,149 172,553 282,708
<br /> Noncurrent Liabilities 3,221,452 1,996,056 1,702,488 1,779,112 4,923,940 3,775,168
<br /> Total Liabilities 3,282,033 2,138,615 1,814,460 1,919,261 5,096,493 4,057,876
<br /> Deferred Inflows of Resources 118,942 1,420,469 6,302 27,826 125,244 1,448,295
<br /> Net Position:
<br /> Net Investment in
<br /> Capital Assets 9,128,252 9,366,817 2,236,467 2,265,306 11,364,719 11,632,123
<br /> Restricted 198,259 343,327 - - 198,259 343,327
<br /> Unrestricted 5,494,998 5,528,317 2,706,201 2,637,129 8,201,199 8,165,446
<br /> Total Net Position $14,821,509 $ 15,238,461 $ 4,942,668 $ 4,902,435 $ 19,764,177 $20,140,896
<br /> The net position of the City's governmental activities decreased by$416,952(2.74 percent). Unrestricted net position(the part of
<br /> net position that can be used to finance day-to-day operations without constraints established by debt covenants, enabling
<br /> legislation,or other legal requirements)decreased by$33,319 compared to the prior year.
<br /> The net position of the City's business-type activities increased by$40,233(0.82 percent)from the prior year. Operations were
<br /> comparable to the prior year.Such an increase can be attributed to the results of current year operations.
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