Laserfiche WebLink
CITY OF PEQUOT LAKES,MINNESOTA <br /> MANAGEMENT'S DISCUSSION AND ANALYSIS <br /> DECEMBER 31,2022 <br /> THE CITY'S FUNDS(Continued) <br /> General Fund Expenditures <br /> Ilk <br /> : : :zt <br /> ■ Public Works <br /> ® Parks and Recreation <br /> ■ Economic Development <br /> ■ Capital Outlay <br /> ■ Debt Service <br /> A significant portion of the City's General Fund expenditures were used for public safety (38.58 percent). Remaining <br /> expenditures are used primarily for general government operations(26.82 percent),public works(17.36 percent),and capital <br /> outlay(10.59 percent). Expenditures are comparable to the prior year. <br /> Fund Balance December 31, Increase <br /> Major Funds 2022 2021 (Decrease) <br /> Highway 371 Project Fund $ 4,569,082 $ 4,473,751 $ 95,331 <br /> The Highway 371 Project fund balance increased primarily due to a decrease in capital outlay expenditures as compared to the <br /> prior year,resulting in operational revenues exceeding expenditures of the fund. <br /> Capital Improvement Fund $ (1,067,935) $ (1,038,610) $ (29,325) <br /> The Capital Improvement fund balance decreased primarily as a result of significant capital outlay expenditures in the current year <br /> related to the purchase of a plow truck,along with costs incurred for the construction of the City's splashpad project. <br /> Business Park Fund $ 278,325 $ 115,738 $ 162,587 <br /> The Business Park fund balance increased primarily due to the Larson Parkway Improvements Project being completed in the <br /> prior year.The Business Development Public Infrastructure Grant,a reimbursement of 2021 Larson Parkway Improvement costs, <br /> was also received in 2022. <br /> 14 <br />