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CITY OF PEQUOT LAKES, MINNESOTA
<br /> MANAGEMENT'S DISCUSSION AND ANALYSIS
<br /> YEAR ENDED DECEMBER 31, 2014
<br /> GENERAL FUND (CONTINUED)
<br /> General Fund Budgetary Highlights
<br /> Over the course of the year, the City did not revise the annual operating budget. Historically, the
<br /> City has not made budget amendments during the year.
<br /> ♦ Actual revenues were $186,137 more than expected due to an increase in gifts and
<br /> contributions.
<br /> • The actual expenditures were $51,391 over budgeted expenditures due to higher capital outlay
<br /> expenditures than anticipated.
<br /> CONSTRUCTION PROJECTS AND DEBT SERVICE
<br /> Tax revenues and charges for utility services are used to fund the bond payments for all previous bond
<br /> issues. The City did not complete any large infrastructure projects in 2014.
<br /> CAPITAL ASSETS
<br /> By the end of 2014, the City had invested approximately$16,100,000 in a broad range of capital assets,
<br /> including buildings, computers, improvements, equipment, and infrastructure. (See Table A-6). (More
<br /> detailed information about capital assets can be found in Note 3.A.2 to the financial statements.) Total
<br /> depreciation expense for the year was $453,820 (including the enterprise funds).
<br /> Table A-6
<br /> The City's Capital Assets
<br /> Governmental Business-Type
<br /> Activities Percent Activities Percent Total Percent
<br /> 2014 2013 Change 2014 2013 Change 2014 2013 Change
<br /> Land $ 1,504,339 $ 1,524,241 (1.3)% $ 178,167 $ 178,167 -% $ 1,682,506 $ 1,702,408 (1.2)%
<br /> Construction-in-Progress - 20,146 100.0 - - - - 20,146 100.0
<br /> Infrastructure 5,637,721 5,332,900 5.7 427,071 393,117 8.6 6,064,792 5,726,017 5.9
<br /> Buildings 1,536,861 1,536,861 - 1,125,329 1,125,329 - 2,662,190 2,662,190 -
<br /> Machinery,Equipment,and Vehicles 2,564,226 1,946,682 31.7 3,145,889 3,125,927 0.6 5,710,115 5,072,609 12.6
<br /> Less: Accumulated Depreciation (4,155,666) (3,877,294) 7.2 (2,876,431) (2,781,772) 3.4 (7,032,097) (6,659,066) 5.6
<br /> Total $ 7,087,481 $ 6,483,536 9.3 $ 2,000,025 $ 2,040,768 (2.0) $ 9,087,506 $ 8,524,304 6.6
<br /> (14)
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