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CITY OF PEQUOT LAKES, MINNESOTA
<br /> •
<br /> MANAGEMENT'S DISCUSSION AND ANALYSIS
<br /> YEAR ENDED DECEMBER 31, 2014
<br /> FINANCIAL ANALYSIS OF THE CITY AS A WHOLE (CONTINUED)
<br /> Changes in Net Position
<br /> •
<br /> . The City-wide total revenues were $2,778,535 the year ended December 31, 2014. Property taxes and.
<br /> intergovernmental revenues accounted for 66 percent of total revenue for the year(see Table A-2).
<br /> Table A-2
<br /> Change in Net Position •
<br /> Governmental - Business-Type
<br /> Activities Total% Activities Total% Total Total%
<br /> 2014 2013 Change 2014 2013 Change 2014 2013 Change
<br /> REVENUES
<br /> Program Revenues • -
<br /> Charges for Services $ 327,105 $ 327,211 -% $ 475,451 $ 509,060 (6.6)% $ 802,556 $ 836,271 (4.0)%
<br /> Operating Grants and Contributions 241,298 150,476 60.4 - 3,400 100.0 241,298 153,876 56.8
<br /> Capital Grants and Contributions 11,911 14,694 (18.9) - - - 11,911 14,694 (18.9)
<br /> General Revenues
<br /> Property Taxes 1,525,344 1,583,621 (3.7) - - - 1,525,344 1,583,621 (3.7)
<br /> Unrestricted State Aid 79,636 62,084 28.3 - - - - 79,636 62,084 28.3
<br /> Investment Earnings 32,914 6,217 429.4 21,813 3,704 488.9 54,727 9,921- 451.6
<br /> Other 58,063 30,595 89.8 5,000 5,000 - 63,063 35,595 77.2
<br /> Total Revenues 2,276,271 2,174,898 4.7 502,264 521,164 (3.6) 2,778,535 2,696,062 3.1
<br /> EXPENSES
<br /> General Government .546,543 490,702 11.4 - - - 546,543 490,702 11.4
<br /> Public Safety 954,354 898,891 6,2 - - - 954,354 898,891 6.2
<br /> Highways and Streets 517,548 469,298 10.3 - - - 517,548 469,298 10.3
<br /> . Sanitation 14,276 11,974 19.2 - - - 14,276 11,974 19.2
<br /> Water - - - 216,501 193,638 11-8 216,501 193,638 11.8 .
<br /> Sewer - - - 141,057 122,765 14.9 141,057 122,765 14.9
<br /> Culture and Recreation 79,609 52,915 50.4 - - 79,609 52,915 50.4
<br /> Economic Development 93,743 104,538 (10.3) - - - 93,743 104,538 (10.3)
<br /> Interest . 25,458 14,357 77.3 - - - 25,458 14,357 77.3
<br /> Total Expenses - 2,231,531 2,042,675 9.2 357,558 316,403 13.0 2,589,089 2,359,078 9.8
<br /> CHANGE IN NET POSITION 44,740 132,223 (66.2) - 144,706 204,761 (29.3) 189,446 336,984 (43.8)
<br /> • Net Position-Beginning of Year - 8,367,817 8,235,594 2,170,188 2,014,412 10,538,005 10,250,006
<br /> Change in Accounting Principle - - - 48,985 48,985
<br /> Net Position-Beginning of Year,As Restated 8,367,817 8,235,594 1.6 2,170,188 1,965,427 10.4 10,538,005 10,201,021 3.3
<br /> NET POSITION END OF YEAR $ 8,412,557 $ 8,367,817 $ 2,314,894 $ 2,170,188 $ 10,727,451 $ 10,538,005
<br /> •Total revenues surpassed expenses, increasing net position $189,446 over last year. -
<br /> (10)
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