10.2 2022 Audit Summary - Laserfiche WebLink

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CITY OF PEQUOT LAKES,MINNESOTA MANAGEMENT'S DISCUSSION AND ANALYSIS DECEMBER 31,2022 THE CITY'S FUNDS Governmental Funds As the City completed the year,its governmental funds(as presented in the balance sheet on page 20)reported a combined fund balance of$6,186,882.This is an increase of$332,624 from the prior year. Operations were comparable to the prior year,with the exception of the Fire Department Fund activity being transferred to the Pequot Lakes Fire District in the current year,as previously discussed. 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: Fund Balance December 31, Increase Major Funds 2022 2021 (Decrease) General Fund $ 2,162,348 $ 2,019,653 $ 142,695 The fund balance of the General Fund increased by$142,695 compared to 2021. Overall,operations were generally consistent year-to-year,with the exception of a transfer to the Capital Improvement fund in the current year to assist in financing the City's splashpad project. 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 n Investment Income ® Miscellaneous The City receives the majority of its funding in the General Fund in the form of taxes(71.52 percent),funding received from other governmental agencies(11.12 percent),charges for services(5.36 percent),and miscellaneous revenues(9.14 percent). Overall, the City's General Fund revenues were comparable to the prior year. 13