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CITY OF PEQUOT LAKES,MINNESOTA
<br /> MANAGEMENT'S DISCUSSION AND ANALYSIS
<br /> DECEMBER 31,2022
<br /> THE CITY'S FUNDS(Continued)
<br /> General Fund Budgetary Highlights
<br /> The City's General Fund generated more revenue than budgeted by $334,993. Expenditures were more than budgeted by
<br /> $125,853,excluding transfers to other funds.Budgeted expenditures in excess of actual amounts were the result of unbudgeted
<br /> capital outlay costs for the purchase of various vehicles and equipment.
<br /> Proprietary Funds
<br /> As the City completed the year,its business-type activities reported a combined net position of$4,942,668. This is an increase of
<br /> $40,233 from the prior year. The following is a summary of the City's major proprietary funds:
<br /> Net Position December 31, Increase
<br /> Major Funds 2022 2021 (Decrease)
<br /> Water Fund $ 1,550,076 $ 1,567,080 $ (17,004)
<br /> The Water Fund net position decreased as a result of a decrease in charges for services revenues in conjunction with an increase in
<br /> wages and benefits,professional services,and depreciation expenses as compared to the prior year.
<br /> Sewer Fund $ 3,392,592 $ 3,335,355 $ 57,237
<br /> The Sewer Fund net position increased due to revenues exceeding expenses as a result of current year operations.
<br /> CAPITAL ASSET AND DEBT ADMINISTRATION
<br /> Capital Assets
<br /> At the end of 2022, the City had $14,398,411 net investment in a broad range of capital assets, including machinery and
<br /> equipment,buildings,improvements and infrastructure. This amount represents a net decrease of$360,981(2.45 percent)from
<br /> last year. More detailed information about the City's capital assets is presented in the notes to the financial statements,starting on
<br /> page 44.
<br /> Table 4
<br /> Capital Assets Net of Depreciation
<br /> Governmental Business-Type
<br /> Activities Activities Totals
<br /> 2022 2021 2022 2021 2022 2021
<br /> Land $ 2,105,125 $ 2,105,125 $ 156,969 $ 156,969 $ 2,262,094 $ 2,262,094
<br /> Construction In Progress 628,614 481,698 48,482 17,128 677,096 498,826
<br /> Buildings and Improvements 1,710,375 1,802,681 37,312 41,220 1,747,687 1,843,901
<br /> Machinery and Equipment 1,560,471 1,503,804 1,054,212 1,143,364 2,614,683 2,647,168
<br /> Streets and Infrastructure 4,534,311 4,854,592 2,562,540 2,652,811 7,096,851 7,507,403
<br /> Totals $ 10,538,896 $ 10,747,900 $ 3,859,515 $ 4,011,492 $ 14,398,411 $ 14,759,392
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