HomeMy WebLinkAbout05(E) - Approval of Preliminary 2024 Year End Financials
City of Prior Lake | 4646 Dakota Street SE | Prior Lake MN 55372
CITY COUNCIL AGENDA REPORT
ITEM: 5E
MEETING DATE: April 22, 2025
PREPARED BY: Angela Gieseke, Financial Analyst
Jason Etter, Senior Financial Analyst
Nicole Klekner, Assistant Finance Director
PRESENTED BY: Cathy Erickson, Finance Director
AGENDA ITEM: Approval of Preliminary 2024 Year End Financials
RECOMMENDED ACTION:
Motion and second to accept the December 31, 2024, Financial Report as submitted.
BACKGROUND:
Staff have prepared preliminary summary financial reports for the City of Prior Lake (attached) as
of December 31, 2024. The reports reflect revenue and expenditure activity during 2024. The
reports are preliminary and unaudited but unlikely to change. Comparative information has been
included for the same period of the prior year.
This agenda report provides a summary of 12/31/24 financial results. Information is provided for
following funds:
• General Fund
• Debt Service Funds
• Cable Fund
• Capital Park Fund
• Revolving Equipment Fund
• Revolving Park Equipment Fund
• Facilities Management Fund
• Permanent Improvement Revolving (PIR) Fund
• Water Fund
• Sewer Fund
• Water Quality Fund
• Economic Development Authority Special Revenue Fund
FINANCIAL IMPACT:
Key points for 2024:
Preliminary financial information reflects revenues exceeding expenditures by $2,406,324. The
General Fund reserve balance is projected at $13,106,000 as of 12/31/2024 which is equal to a
59% reserve balance. This net addition to fund balance is summarized below:
Item 5E
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Total Revenues $ 22,758,000
Total Expenditures 20,352,000
Net Change-Add to Fund Balance 2,406,000
Shown below is a summary of the Components of the Net Increase in the Fund Balance:
Components of Add to Fund Balance:
Revenue more than budget $ 1,711,000
Expenditures less than budget 1,011,000
Planned Use of Reserves (316,000)
Net Change-Add to Fund Balance 2,406,000
The following General Fund sections provide details of the revenues and expenditure variances
to budget, and planned use of reserves.
General Fund Revenues
Total revenues are $22,758,116 through 12/31/24 or 108% of the annual amount budgeted.
Preliminary reports show that General Fund actual revenues were higher than the 2024 budget
by $1,711,513.
Positive = revenue above budget; (Negative) = revenue less than budget
The following table highlights the revenue categories that comprise the $1.7M favorable variance
to budget:
Revenue Classification 2024 2024
Amended Actual
Taxes 14,047,266 13,950,490 (96,776) -1%
Licenses and Permits 617,238 868,935 251,697 41%
Intergovernmental 3,348,632 3,586,572 237,940 7%
Charges for Services 1,887,267 2,055,300 168,033 9%
Fines and Forfeitures - 103,765 103,765
Interest (losses) on investments 160,000 692,556 532,556 333%
Other Revenue 133,800 624,098 490,298 366%
Transfers in 852,400 876,400 24,000 3%
Total Revenues 21,046,603$ 22,758,116$ 1,711,513$ 8%
$ Variance from
Amended Budget
Positive (Negative)
% Variance from
Amended Budget
Positive (Negative)
Item 5E
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Revenue Category Revenues Compared to Amended
Budget Favorable/(Unfavorable)
Property Taxes – 99.2% collection rate plus delinquent
collections. Drivers are cumulative increase in delinquent
taxes of $40k and fiscal disparities $42k lower than original
estimate from Scott County
(96,000)
Intergovernmental:
State road and bridge aid
(23,000)
Police Aid 91,000
State Fire Aid – this is a direct pass through to the Fire Relief
Association; and State Fire Training Aid; $72k and 22k
respectively
94,000
Federal Grants 16,000
Local Grants 45,000
ISD#719- Incudes two months of the 2023/2024 school year
SPA amount per short-term JPA agreement 15,000
License & Permits/Charges for Services:
Building Permits & Plan Check Fees which includes Jeffers
Waterfront multifamily building permit/fees of $217k 340,000
Franchise Fees
(15,000)
Tower Leases includes additional rent for Sprint equipment
prior to decommission and Cedarwood St additional antenna
on water tower.
23,000
Recreation Revenues primarily for instructor led classes 21,000
Facility Revenues primarily pavilion rental 16,000
Contract Services 47,000
Court Fines - this is a direct pass through to the Scott County 101,000
Interest (losses) on Investments:
Interest Earnings 439,000
Investment Fair Value Adjustment 94,000
Miscellaneous Revenues:
Developer Agreements
Excess TIF from Shepherd's Path TIF District close out 347,000
SCALE reimbursement for legal lobbying fees 49,000
Contributions & Donations 62,000
Other Miscellaneous Revenues 32,000
Transfer In Revenues 24,000
Other Adjustments
(11,000)
Estimated Total Revenues Exceeding Budget 1,711,000
Item 5E
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Taxes
Property tax revenue totaled $13.95M. Current tax collections were at 99.4% of the budget, which
is consistent with 2023 collections of 99.3% of budget. Delinquent collections totaled $18k which
is consistent with prior years.
Licenses and Permits
Licenses and permits are 141% of the budget due to Jeffers Waterfront Apartment permit/fees of
$271k received in Q1. The residential building permit budget for the year is 87 units and actual
units are 55. Due to the uncertainty/timing of the multi-family housing projects in the development
process, staff did not budget for multi-family permits and fees. The following table provides a
breakdown of the 2024 activity by year.
The following chart shows building permit activity and average values for the years 2020 through
202 4.
2020 2021 2022 2023 2024
Permits
Issued:
Single Family 158 132 100 68 51
Townhomes 4 - 4 1 4
MF Units - - - 1 1
Commercial/
Industrial
6 7 2 4 5
Miscellaneous 2.910 2,700 2,397 2,307 2,178
Total Permits 3,078 2,839 2,504 2,380 2,239
Average
Value:
Single Family $345,000 $400,325 $404,906 $445,979 $554,084
Townhomes $208,000 - $168,000 - $168,000
MF Units - $1,800,000 $296.217
Commercial/
Industrial
$1,463,000 $1,567,000 $360,000 $1,761,115 $101,357
The value of building permits issued increased 61% from $59.5 million in 2023 to $95.9 million in
2024. The following chart shows the building permit valuation changes by category from 2023 to
202 4. 73% of the valuation increase is due to the Jeffers Waterfront multifamily apartment
building. The average valuation of a Single-Family home increased 24% from the prior year, but
total Single-Family valuation is down 7% compared to the prior year, as 55 permits were issued
in 2024 as compared to 68 in 2023. Total Industrial/Commercial valuation is up 40% as compared
to 2023. 2024 included Culvers and an office building commercial development projects. Lastly,
the city saw an increase in residential and commercial addition valuation in 2024.
Item 5E
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Building Permit Valuation Increase/(Decrease) % Change
Single Family $ (2,068,000) (7%)
Townhouses 672,000
Multiple Units 26,933,000
1496%
Industrial & Commercial 2,787,000 40%
Additions & Alterations 8,126,000 23%
Total Valuation Increase/(Decrease) $36,450,000 61%
Intergovernmental Revenue
Intergovernmental revenue for 2024 totaled $3,586,572 which is $238k higher than budget.
Positive = budget savings; (Negative) = expenditure exceeds budget
• State Road Aid is down $23k (5%) to budget. This aid is based on funding set by the
legislature.
• State Aid for Police is $91k (27%) favorable to budget due to state funding increase and
$14k for state healthcare reimbursement for two disabled officers/former employees.
• State Aid for Fire is $94k (29%) favorable to budget due to increased pension contribution
from the state of $72k (Budget is based on prior year actual.) and a $22k increase in Fire
Training state aid.
• $69,775 was budgeted for School Resource Officer (SRO) Liaison Aid revenue. Additional
revenue of $15k was received for two months of the 2023/2024 school year SPA amount per
short-term JPA agreement.
Intergovernmental revenue includes the following two items:
• The SMSC contribution was $1.2M in 2024 based on the agreement negotiated with the
SMSC.
• Township Fire & Rescue Aid was $960k based on the fire and rescue agreement with the
City of Credit River and Spring Lake Township.
Charges for Services
Charges for Services revenue for 2024 are $2,055,300 which is $168k more than budget. The
drivers of the variance to budget are summarized below:
Positive = budget savings; (Negative) = expenditure exceeds budget
• $87k for plan check fees above budget. This includes plan check fees of $87k for the
Preserve at Jeffers Pond apartment building. New residential units came in at 63% of
budget (55 actual/87 budgeted). The city also collected new commercial construction fees
for Culvers and an office building.
• $23k above budget for Tower antennae leases due to additional rent for Sprint equipment
prior to decommission and Cedarwood St additional antenna on water tower.
• $47k for contracted services above budget primarily for Parks ($24k for field striping and
17k for Rotary Musicfest) and $6k above budget for Police.
• $21k Recreation program revenue above budget primarily for instructor led classes.
• $16k for facility rentals above budget primarily for Pavilion/Park Shelter rental.
• Franchise fees are below budget by $15k as fewer cable TV subscribers.
Fines and Forfeitures
Court fine revenue and passthrough expenditure: The Office of the State Auditor (OSA) required
a change in accounting to record the revenue and offset/passthrough expenditure separately on
the Statement of Revenue and Expenditures. Previously, staff recorded all activity through Due
to Other Governments liability account. The amount of revenue and passthrough expenditure is
Item 5E
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$10 1k. The net impact on the General Fund balance is zero as the revenue received from the
State of MN is paid out to Scott County.
Other Revenue
Net Interest on investments is $693k which is $533k higher than budget primarily due to 1) net
interest earnings above budget by $189k (budgeted conservatively), 2) $156k Interest earnings
based on the lease interest rate applied to the lease receivable balances throughout the year
under GASB 87 Accounting for Leases, 3) Investment amortization of $74k and 4) a $94k
increase in the fair value of securities which is considered an unrealized gain on investments.
The change in the fair value of the securities is adjusted against interest earnings in each fund.
This is a paper gain as no actual gain/loss is realized because the city holds the securities until
maturity. Interest earnings are allocated based on the cash balance by fund.
Miscellaneous revenues are $624,098 which is above budget by $490k. The primary variances
to budget are summarized below:
Positive = budget savings; (Negative) = expenditure exceeds budget
• $347k for excess TIF from Sheperd’s Path TIF District closed at the end of 2024.This
amount was not budgeted as close out of TIF district was not approved until mid-2024.
• $49k was collected for SCALE legislative representation. The city paid the expenditure
and was reimbursed by SCALE.
• $62k of revenue for contributions/donations that are not budgeted/planned but were
received primarily for the Parks and Recreation.
Transfers
2024 Transfers total $876,400. Transfers include 1) budgeted operating transfers in of $583,300
from the utility funds, 2) budgeted transfers in of $267,100 from the Public Safety special revenue
fund, and 3) council approved additional transfers in of $24,000 from the Public Safety special
revenue fund for the fire LUCAS device and additional costs for the Police staffing study. A
summary of the uses of the one-time Public Safety state aid revenue through 12/31/2024 is shown
on Attachment 1.
General Fund Expenditures
Total General Fund expenditures are $20,351,792 through 12/31/24 which is 95% of the annual
amended budget amount. Preliminary reports show that General Fund expenditures were less
than the 2024 budget by $1,010,578. A summary of the variances to budget are shown in the
table below.
Positive = budget savings; (Negative) = expenditure exceeds budget
The following table highlights the variances expected in personnel, current expenditures, and
capital outlay:
Expendtiure Function 2024 2024
Amended Actual
General Government 4,525,350 4,133,480 391,870 -9%
Public Safety 10,984,434 10,680,233 304,200 -3%
Public Works 2,937,321 2,687,169 250,152 -9%
Culture and Recreation 2,666,785 2,602,422 64,363 -2%
Transfer to other funds 248,488 248,488 - 0%
Total Expenditures 21,362,378$ 20,351,792$ 1,010,586$ -5%
$ Variance from
Amended Budget
% Variance from
Amended Budget
Item 5E
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Expenditure Category Estimated Expenditures Compared to
Budget* Favorable/(Unfavorable) Subtotals by Category
Personnel:
Savings from Employee Turnover, Hiring
Delays, etc. 157,000
Fire Relief Association State Pension
Contribution above budget (passthrough
expenditure)
(72,000)
Other Wages (Election Judges) 28,000
Health Insurance Savings 137,000
Workers Comp Insurance Savings 189,000
Other Benefits (2,000)
Total Personnel
437,000
Current Expenditures:
Supplies:
Fuel 144,000
Snow and Ice Management 62,000
Repair & Maintenance Supplies 95,000
Small Equipment 43,000
Maintenance:
Maintenance Agreements – Buildings,
Equipment, Streets, Central Garage (15,000)
Professional Services:
County Court Fines (pass-through to Scott
County) (101,000)
Professional Services (40,000)
Personnel Testing and Recruitment 25,000
Other Services & Charges:
Training and Employee Development 34,000
Utilities - Electric/Gas/Refuse
Hauling/Street & Park Lighting 113,000
Software Service Contract 66,000
Memberships and Subscriptions 32,000
All Other 5,000
Total Current Expenditures 463,000
Total Capital Outlay Expenditures
Favorable to budget due to project work to
be carried forward to 2025 (City Hall
renovation/PD Server & office equipment)
111,000
Other (Transfers Out)
-
Total Expenditures $1,011,000
positive = budget savings; negative = expenditure exceeds budget
Item 5E
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Personnel:
• Savings from Employee Turnover, Hiring Delays: The planner position was open all of
2024, commander position open for two months, Assistant Public Works Director
position open September – December 2024.
• Fire Relief Association State Pension Contribution above budget (passthrough
expenditure) due to an increased pension contribution from the state. This is a
passthrough expenditure.
• Other Wages (Election Judges): Elections budget for 7,630 election judge hours but only
6,177 hours were worked.
• Health Insurance Savings: New employees budgeted at family rate.
• Workers Comp Insurance Savings: Budgeted a 5% increase in 2024 workers
compensation rates but the insurer, LMCIT, reduced the rates by 15% based on updated
actual and projected claim costs.
Current Expenditures:
• Fuel: Budgeted at a higher fuel rate of $4/gallon. Prices have subsequently dropped to
an average of $3.16/gallon through Q4. Also, drier winter in early 2024 contributed to
significantly lower fuel expenses.
• Snow and Ice Management: Usage down due to mild winter/less snow events.
• Repairs & Maintenance: City Hall and Police department projects deferred until Facilities
Manager position was in place. Streets are favorable to budget as fewer repairs were
needed.
• Small Equipment: Primarily Police CGIS equipment requirements deferred until 2025.
• Court fine passthrough expenditure: The Office of the State Auditor (OSA) required a
change in accounting to record the revenue and offset/passthrough expenditure
separately on the Statement of Revenue and Expenditures. Previously, staff recorded all
activity through Due to Other Governments liability account. The amount of revenue and
passthrough expenditure is $101k. The net impact on the General Fund balance is zero
as the revenue received from the State of MN is paid out to Scott County.
• Maintenance Agreements – Primarily Central Garage vehicle and equipment repairs
higher than budget (varies based on issues that arise)
• Professional Services: Unfavorable to budget primarily due to General Engineering
Support before the Asst City Engineer was hired and professional services for Public
Works Director transition.
• Personnel Testing and Recruiting: No expenditures in police department/varies based on
hiring needs.
• Training and Employee Development: Carryforward of $15k budget to 2025 due to timing
of police contracted training course.
• Utilities:
1. Electric: City received a refund for the difference between what we paid under
interim rates and final approved rates in a recent rate case with Xcel. In July
2024 we received a refund due to lower-than-expected expenses by Xcel and
settlement payments related to a case with the MN Public Utilities Commission.
2. Gas: Natural gas prices have decreased from 2023 and the average temperature
in Q1 2024 was 8 degrees warmer than Q1 2023, which results in lower natural
gas usage.
3. Park & Streets lighting: Partially due to credits received from Xcel Energy over
settlement of recent rate cases.
• Software Service Contracts: Primarily favorable in IT and Streets due to lower costs than
anticipated/budgets will be adjusted in next budget cycle.
Item 5E
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• Memberships: Minor variance to budget across various departments. LMC membership
billing change in 2024 resulted in budget savings in administration department of $12k.
Capital Outlay:
• Favorable to budget due to project work to be carried forward to 2025 (City Hall
renovation/Police department server & office equipment)
General Fund Planned Use of Reserves:
202 4 use of reserves totaled $315,775. The use of reserves includes the following items:
• $130k for Streets and Parks departments for street/trail/sidewalk maintenance (Streets of
$90 k and for Parks of $40k)
• $88 k for Police department expenditures. Vehicle equipment and technology to outfit new
vehicles ordered but not yet received, technology projects/needs identified by the IT
department, and new Commander training.
• $48k for Axon Squad Cameras contract
• $12k for IT security risk assessment
• $20k for Firefighter equipment/LUCAS device
• $8k for City Hall first floor printer
• $6k for Finance and HR financial system training for new staff
• $4k for City Clerk department for Municode work which will be completed in 2024.
2024 General Fund Reserves as a % of 2025 Expenditures:
Beginning Balance - $11M
Ending Balance - $13.4M
2024 Reserve Calculation – 60%
2025 Reserve Calculation – 56%
Based on the planned use of reserves and budget amendments noted above, the estimated
2024 ending reserve balance is $13.4 million which is equal to a 60% reserve balance based on
2025 estimated expenditures per the city’s long range financial plan.
Looking forward to 2025, the 2025 budget was amended to reflect a carryforward of 2025
budget items/use of fund balance reserves of $229.710. The 2025 estimated ending reserve
balance is $13.2 M which is a 56% reserve balance based on the 2026 estimated expenditures
per the city’s long range financial plan.
Based on review of the city’s long-range financial plan, staff recommend maintaining these
reserves in the General Fund to maintain the reserve % between 40%-50% over the upcoming
five-year period of the city’s long-range financial plan.
Debt Service Funds
Total revenues of the debt service funds is $6,050,534. Property taxes and special assessments
are received in June, December, and January (final tax settlement). 2024 transfers included the
closeout of the debt service fund balance for fund 549 (2004 Tax Increment Bonds), Fund 573
(2019 Street Overlay which totaled $2k. The fund balance was transferred to debt service fund
566 (TH13/150th St.) as identified in council resolution 25-036.
Item 5E
Page | 10
Total expenditures of the debt service funds are $5,178,130. Scheduled bond payments were
made in June and December. Ending fund balance is $3.2M.
Cable Fund
2024 activity included revenue from cable franchise companies of $18k and expenditures of $4k
for live web streaming and hosting. Ending fund balance is $116k.
Capital Park Fund
Revenues were $337,334 which is $17k less than budget, primarily due to development slowdown
so less park dedication fees than planned. Revenue included state aid of $198k for TH13 Trail
Segment 5; Park Dedication Fees of $37k were received for Culvers and Radermacher 4th
Addition development; Facility rental of $24k for the Pike Lake Park home; interest and unrealized
gain on investments of $70k, and $7k from donations.
Expenditures were $565,988 and included TH13 Trail Segment 5 and Segment 1 project costs.
Expenditures were higher than budget by $250k due to the timing of the project work. Ending fund
balance is $1.4M.
Revolving Equipment Fund
Revenues were $1,519,808. Property taxes, the primary funding source, totaled $797k. Revenues
also included $294k of proceeds from the disposal of equipment. An operating transfer of $400k
from the utility funds was also received. Equipment purchases totaled $1.8M.
Overall, the fund is favorable to budget by $380k primarily due to equipment sale proceeds of
$294k (not a budgeted item). Ending fund balance is $770k.
Revolving Park Fund
Revenues were $811,210, which comes primarily from property taxes and interest. Revenue also
included state aid of $300k for the Ponds Park Phase 1 project and $13k for a DNR grant and
Scott County recycling grant. Expenditures were $93,638 and were primarily for the Pond Park
Phase 2 and the PLAY Miracle Field project. Ending fund balance is $1.2M. Future spending of
revolving park fund balance will be guided by the Master Park Plan.
Facilities Management Fund
Revenues were $375,702, which comes primarily from property taxes. Revenues also included
$89k of insurance proceeds from the city hall water damage claim. (Staff anticipates additional
insurance proceeds as the claim is processed by the LMCIT.) Facility improvements were
$931,777 including $452k for Club Prior/Library renovation, $306k for City Hall water damage and
$30k for City Hall and PD facility assessment services. No debt was issued in 2024 due to a shift
in project years for future facility projects. Ending fund balance is $796k.
Permanent Improvement Revolving Fund
Revenue from this fund of $4,453,715 is comprised primarily of franchise taxes, and special
assessments. 2024 collection of the pavement management dedicated gas and electric franchise
fees was $1,096,647. The 2024 planned project was the Wilds/Jeffers Mill & Overlay. For this
project, total assessment revenue in 2024 was $982k and transfers in from the utility funds were
$615k. Bond proceeds were $1.6M for debt issued for this project. Expenditures for the project
were $5.3M. Fund activity also included a transfer out to the debt service fund of $95k. Ending
fund balance is $1M.
Item 5E
Page | 11
Water Fund
The financial report for the Water Fund reflects six bi-monthly billing cycles. Total revenues/Other
Financing Sources were $7,503,846. Total Expenditures were $4,862,564, resulting in an add to
fund balance of $2.6 M. The city continues to build fund balance to support the capital projects in
the city’s long-range financial plan.
Operating revenue totaled $4,976,415 which is a decrease of $1,087,171 or 17.9% from 2023.
Operating revenue was unfavorable to budget by $565,337. The decrease in water revenue is
due to 20% lower consumption throughout the year, especially during the summer and fall
months.
Non-Operating Revenues were $17,188 more than 2023. This included interest earnings of
$291k, and an unrealized gain on investments of $65k. The unrealized gain is due to an increase
in the fair value of the securities which is allocated by fund based on cash balances. This is a
paper gain; no actual gain/loss is realized because the city holds the securities until maturity.
Total operating expenses, before depreciation, are $2,729,622 which is $390,744 less than 2023,
and $788,648 (22.4%) under budget.
• Due to the wetter weather and lower consumption in 2024, less water needed to be
purchased from the SMSC. Water purchases were below budget by $231k.
• Chemicals and Repair and maintenance supplies for water distribution were under budget
by $131k due to lower consumption.
• Electric utilities were under budget by $64k due to the City receiving a refund for the
difference between what we paid under interim rates and final approved rates in a recent
rate case with Xcel. In July 2024 we received a refund due to lower-than-expected
expenses by Xcel and settlement payments related to a case with the MN Public Utilities
Commission.
• Maintenance agreements for water distribution and water treatment were under budget by
$170k mainly due to less watermain repairs than budgeted.
Depreciation expense is $1,082k which is 28.3% of operating expenses.
On a cash basis, capital outlay this year was $70,995 and Infrastructure capital expenses were
$96,002.
Water Improvement
Projects – Capital Outlay
Budget Actual Comments
Total (Machinery & Equipment and
Vehicles)
$110,500 $70,995
Infrastructure Projects Budget Actual Comments
Well Rehab $55,000 $46,287
Filter evaluation 0 3,924
Pump Maintenance inspection 0 11,455
SCADA upgrade 0 34,336
Wilds Booster 15,000 0 Projects Deferred
Jeffers PRV 5,000 0 Projects Deferred
Total Infrastructure Spending $75,000 $96,002
Item 5E
Page | 12
Transfers out include $249,000 for operating transfers, $614,650 for debt service, $81,915 for the
Fish Point Road Phase III project transfer, and $94,437 for the 2024 Pavement Management
project transfer. $257,313 was transferred in from other funds for the final utility transfer true-up
for the Fish Point Road Phase I and Fish Point Road Phase II projects.
Other financing sources include $16k for amortization of bond premium. There was $1,856,220
in capital contributions from other funds for watermain assets that were capitalized.
Sewer Fund
The financial report for the Sewer Fund reflects six billing cycles. Total revenues/Other Financing
Sources were $6,648,538. Total Expenditures were $4,894,972, resulting in an add to fund
balance of $1.8M. The city continues to build fund balance to support the capital projects in the
city’s long-range financial plan.
Operating revenue totaled $5,116,181 which is an increase of $426,724 or 9.1% from 2023. The
sewer revenue increase is due to a 2% increase in sewer usage from 2023 as well as a rate
increase of 5%.
Operating revenue was under budget by $209,782. The variance is due to the estimate of
residential sewer usage for 2024. The estimate is based on previous year’s data, usage by tier,
and new customer estimates. The actual number of new customers was also lower than budget
due to a slowdown in the housing market.
Non-Operating Revenues were $66,473 less than 2023 due mainly to receiving an inflow and
infiltration grant in the prior year. Non -Operating Revenues includes interest earnings of $145k,
and an unrealized gain on investments of $32k. The unrealized gain is due to an increase in the
fair value of the securities which is allocated by fund based on cash balances. This is a paper
gain; no actual gain/loss is realized because the city holds the securities until maturity.
Total operating expenses, before depreciation, were $3,419,996 which is $398,332 more than
2023 and favorable to budget by $56,060 (1.6%).
• Personnel expenses were under budget by $72k due to open positions.
• Repair and Maintenance supplies were under budget by $17k.
• Telecommunications were under budget by $66k mainly due to lower expenses for Fleet
zoom monitoring.
• Electric utilities were under budget by $15k due to the City receiving a refund for the
difference between what we paid under interim rates and final approved rates in a recent
rate case with Xcel. In July 2024 we received a refund due to lower-than-expected
expenses by Xcel and settlement payments related to a case with the MN Public Utilities
Commission.
• Offset by maintenance agreements over budget by $122k due to additional sewer
inspections and repairs.
Depreciation expense is $771k which is 18.5% of expenses.
On a cash basis, capital outlay this year totaled $456,431 and infrastructure capital expenses
were $87,200.
Item 5E
Page | 13
Sewer Improvement Projects –
Capital Outlay
Budget Actual Comments
Total (Machinery & Equipment and
Project – Contract Vouchers)
$440,000 $456,431 Estate Lift Station Rehab; Lords
Lift Station Rehab; 150th St Lift
Station Rehab
Sewer Infrastructure Projects Budget Actual Comments
Sewer Lining and Inflow/Infiltration
Improvements
$1,500,000 $87,200 Projects Deferred
Total Infrastructure Spending $1,500,000 $87,200
Transfers out included $247,000 for operating transfers, $81,915 for the Fish Point Road Phase
III project transfer, and $389,403 for the 2024 Pavement Management project transfer. $88,032
was transferred in from other funds.
Other financing sources include capital contributions from other funds of $1.2M in sewer assets
that were capitalized, and $16k for amortization of bond premium.
Water Quality Fund
The financial report for the Water Quality Fund reflects six bi-monthly billing cycles. Total
revenues/Other Financing Sources were $2,241,742. Total Expenditures were $1,257,350,
resulting in an add to fund balance of $984k. The city continues to build fund balance to support
the capital projects in the city’s long-range financial plan.
Storm water operating revenue totaled $1,628,445 which is an increase of $215,246 or 15.2%
over 2023. This is primarily due to a rate increase from $19.03 to $21.31 (12% increase), as well
as an increase in the number of accounts being billed. Storm Water revenues are based on flat
rates per billing cycle.
Operating revenue was favorable to budget by $113,652.
Non-Operating Revenues were $30,388 more than 2023. This included interest earnings of $137k
and an unrealized gain on investments of $24k. The unrealized gain is due to an increase in the
fair value of the securities which are allocated by fund based on cash balances. This is a paper
gain; no actual gain/loss is realized because the city holds the securities until maturity.
Total operating expenses, before depreciation, were $445,044 which was $8,113 less than 2023
and is favorable to budget by $229,756 primarily in personnel expenses ($129k) due to an open
position, and maintenance agreements ($108k) due to project timing.
Depreciation expense is $107k which is 14.0% of the operating expenses.
On a cash basis, capital outlay this year totaled $734,045 and infrastructure capital expenses
were $28,794.
Stormwater Improvement
Projects – Capital Outlay
Budget Actual Comments
Total(Projects – Contract Vouchers,
Engineering, Professional Services)
$0 $734,045 Panama & 13 Water Quality
Retrofit, 2023 and 2024 Pond
Maintenance Projects, 2025 Misc
Drainage Project, Markley Lake
Ravine Stabilization
Item 5E
Page | 14
Stormwater
Infrastructure Projects
Budget Actual Comments
Total $1,708,000 $28,794 Projects Deferred – spend was
for Markley Lake Monitoring,
XPSWMM Model Updates,
2024-2025 Pond Maintenance
Projects
Transfers out include $113,300 for operating activities, $84,905 for the final utility transfer true-up
for the Fish Point Road Phase I project, $108,000 for the Fish Point Road Phase III project
transfer, and $131,601 for the 2024 Pavement Management project transfer. $2,395 was
transferred in from other funds.
Economic Development Authority Special Revenue Fund
Funding for the EDA comes primarily from property taxes and facility rental payments from
Sebastian Automotive.
Revenues of $430,041 exceeded expenditures of $166,579 by $266,462. Components of the
increase in fund balance are as follows:
ALTERNATIVES:
1. Motion and second, as part of the consent agenda, to approve the preliminary 2024 year
end financials as presented.
2. Motion and second to remove from the consent agenda for additional discussion.
ATTACHMENTS:
1. Public Safety State Aid Fund 270 Summary of Activity
2. Q4 2024 Financial Report
Category Amount Comments
Revenue above budget 14,000$
Net Interest (unrealized gain) on investments of
$14k more than budget
Expenditures below budget (250,000)
Purchase of 4556 Colorado St. property
reclassificated from property acquisition to Asset
Held for Resale as required by accounting
standards
Expenditures below budget (234,000)
Expenditures $235k less than budget due to 1) the
2024 property purchased was $125k less than the
budget; 2) $72k favorable to budget, primarily in
professional service based on development project
timing; 3) Personnel costs $12k less than budget
due to open planner position in 2024.
498,000$ Net activy above budget
(232,000)
Budgeted/Planned use of fund balance reserves for
potential property purchase
266,000$ EDA Add to fund balance
Attachment 1
Activity
Estimated Ending
Fund Balance
2023 Funds Received 1,217,937$
2024:
Police officer add (143,000)
PD server (30,000)
VM license for PD server (15,000)
FS1 port switch (7,500)
PD Training Suits (4,600)
City Hall Core Network Switch: 50% of cost (25,000)
PD Scheduling Study (42,000)
PD Scheduling Study (4,000)
CPR device for fire engine (20,000)
Fire Ladder Truck funding (400,000)
Net Interest (losses) on investments 44,028
Total Estimated Ending Fund Balance 570,865$
Public Safety State Aid Fund 270
City of Prior Lake
General Fund Summary - Comparison to Prior Year
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive (Negative)USED 12/31/2023 Positive (Negative)
Revenues
Taxes 14,047,266 14,047,266 13,950,490 (96,776) 99%12,118,883 1,831,607
Licenses and Permits 617,238 617,238 868,935 251,697 141%694,941 173,994
Intergovernmental 3,348,632 3,348,632 3,586,572 237,940 107%3,008,035 578,537
Charges for Services 1,887,267 1,887,267 2,055,300 168,033 109%1,902,044 153,256
Fines and Forfeitures - - 103,765 103,765 n/a 2,895 100,870
Interest (losses) on investments 160,000 160,000 692,555 532,555 433%544,766 147,789
Other 133,800 133,800 624,098 490,298 466%128,414 495,684
Transfers in 852,400 852,400 876,400 24,000 103%555,000 321,400
Total Revenues 21,046,603 21,046,603 22,758,116 1,711,513 108%18,954,979 3,803,137
Expenditures
General Government 4,495,927 4,525,350 4,133,481 391,869 91%3,707,516 (425,965)
Public Safety 10,828,082 10,984,434 10,680,233 304,200 97%9,168,744 (1,511,489)
Public Works 2,847,321 2,937,321 2,687,169 250,152 91%2,585,718 (101,451)
Culture and Recreation 2,626,785 2,666,785 2,602,422 64,363 98%2,312,259 (290,163)
Transfer to other funds 248,488 248,488 248,488 - 100%633,888 385,400
Total Expenditures 21,046,603 21,362,378 20,351,792 1,010,585 95%18,408,125 (1,943,668)
Net Change - (315,775) 2,406,324 2,722,098 546,854
(315,775)
2,406,324
COMPARATIVE
City of Prior Lake
General Fund Revenues
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Taxes
101 31010.00 Current Property Taxes - General Purpos 13,029,707 13,029,707 12,957,796 (71,911) 99%11,013,517 1,944,279
101 31020.00 Delinquent Property Taxes - General Purp - - 17,543 17,543 n/a 36,842 (19,299)
101 31040.00 Fiscal Disparities 1,017,559 1,017,559 975,152 (42,407) 96%1,068,524 (93,372)
Total - Taxes 14,047,266 14,047,266 13,950,490 (96,776) 99%12,118,883 1,831,607
Licenses and Permits
101 32100.00 Business Licenses 1,050 1,050 2,200 1,150 210%1,050 1,150
101 32110.00 Liquor Licenses 80,470 80,470 73,795 (6,675) 92%82,179 (8,384)
101 32120.00 Cannabis Fee - - 4,200 4,200 n/a 4,200 -
101 32160.00 Refuse Haulers 5,000 5,000 6,290 1,290 126%5,035 1,255
101 32175.00 Public Private Gathering Permit - - 90 90 n/a 240 (150)
101 32180.00 Cigarette Licenses 2,295 2,295 2,795 500 122%2,295 500
101 32190.00 Community Event Application 5,000 5,000 1,980 (3,020) 40%2,230 (250)
101 32210.00 Building Permits 376,822 376,822 631,834 255,012 168%490,557 141,277
101 32211.00 Retainage Forfeiture - - - - n/a 2,688 (2,688)
101 32215.00 Mechanical Permits 79,548 79,548 68,350 (11,198) 86%51,846 16,504
101 32230.00 Plumbing Permits 56,702 56,702 67,899 11,197 120%41,756 26,143
101 32231.00 Sewer/Water Inspection 4,916 4,916 2,998 (1,919) 61%3,652 (654)
101 32260.00 Burning Permits 4,000 4,000 4,550 3,000 114%4,960 (410)
101 32270.00 Short-term Rental Fee 1,435 1,435 1,955 520 136%2,255 (300)
Total - Licenses and Permits 617,238 617,238 868,935 251,697 141%694,941 173,994
Intergovernmental
101 33160.11 Fed Aids/Grants - Operating Police - - 12,350 12,350 n/a 3,425 8,925
101 33416.01 State Aid - Police Train 30,000 30,000 31,423 1,423 105%30,306 1,117
101 33416.02 State Police Aid-Ins Prem 299,000 299,000 378,355 79,355 127%317,608 60,747
101 33417.00 State Aid - Fire Training 20,000 20,000 41,839 21,839 209%32,008 9,831
101 33418.00 State Road & Bridge Aid 467,000 467,000 443,943 (23,057) 95%417,468 26,475
101 33420.00 State Fire Aid-Ins. Prem.299,835 299,835 372,010 72,175 124%334,993 37,017
101 33422.11 State Aids/Grants - Operating Police 3,500 3,500 17,466 13,966 499%13,047 4,419
101 33423.00 Market Value Credit Aid - - 489 489 n/a 456 33
101 33610.10 County Aids/Grants - Operating Grants - - 170 170 n/a 2,989 (2,818)
101 33610.11 County Aids/Grants - Operating Police - - 4,072 4,072 n/a 5,557 (1,486)
101 33620.00 Township Fire & Resc Aid 959,522 959,522 960,250 728 100%750,179 210,071
101 33621.00 Liaison Aid 69,775 69,775 84,742 14,967 121%- 84,742
101 33631.00 Payment in Lieu of Taxes 1,200,000 1,200,000 1,200,000 - 100%1,100,000 100,000
101 33700.10 Miscellaneous Grants - Operating Grants - - 36,631 36,631 n/a - 36,631
101 33700.23 Miscellaneous Grants - Capital Parks - - 2,834 2,834 n/a - 2,834
Total - Intergovernmental 3,348,632 3,348,632 3,586,572 237,940 107%3,008,035 578,537
COMPARATIVE
City of Prior Lake
General Fund Revenues
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
COMPARATIVE
Charges for Services
101 31810.00 Franchise Taxes 559,000 559,000 543,869 (15,131) 97%557,579 (13,709)
101 34103.00 Zoning & Subdivision Fees 40,000 40,000 37,778 (2,222) 94%30,950 6,828
101 34104.00 Plan Check Fees 244,941 244,941 332,114 87,173 136%234,816 97,299
101 34105.00 Sale of Maps/Publications - Reports 500 500 175 (325) 35%330 (155)
101 34107.00 Assessment Searches - Reports 500 500 425 (75) 85%400 25
101 34108.00 Street Chip Seal Fee-New Development - - - - n/a 4,750 (4,750)
101 34109.00 Project Admin/Eng Fees 246,000 246,000 240,223 (5,777) 98%216,283 23,941
101 34203.00 Accident/Warrant Reports - Reports 200 200 330 130 165%955 (625)
101 34731.00 Adult League Fees 5,000 5,000 4,274 (726) 85%3,931 344
101 34732.00 Recreation Program Fees - Contracted 35,000 35,000 50,967 15,967 146%43,024 7,944
101 34735.00 Recreation Program Fees - Staff Run 65,000 65,000 68,531 3,531 105%53,907 14,624
101 34735.01 Recreation Program Fees - Club Prior 12,000 12,000 13,970 1,970 116%9,300 4,670
101 34760.01 Facility Rental - Regular 48,028 48,028 49,216 1,188 102%50,243 (1,027)
101 34760.87 Facility Rental - Lease 15,600 15,600 15,045 (555) 96%15,281 (236)
101 34761.00 Studio/Pavilion Rental 25,000 25,000 37,315 12,315 149%33,998 3,317
101 34762.00 Park Shelter Rental 20,000 20,000 22,680 2,680 113%93,092 (70,412)
101 34762.01 Boat Slip Rental 71,200 71,200 65,875 (5,325) 93%- 65,875
101 34765.01 Tower Leases - - - - n/a 49,776 (49,776)
101 34765.87 Tower Leases - Lease 260,082 260,082 282,809 22,727 109%245,895 36,914
101 34780.00 Park Admission Fees 30,000 30,000 33,254 3,254 111% 27,324 5,930
101 34782.00 Sign Lease Fees - - - - n/a 250 (250)
101 34783.00 City Contract Services 209,216 209,216 256,447 47,231 123%229,960 26,488
Total - Charges for Services 1,887,267 1,887,267 2,055,300 168,033 109%1,902,044 153,256
Fines and Forfeitures
101 35101.00 County Court Fines - - 100,632 100,632 n/a - 100,632
101 35104.00 Prosecution Restitution - - 3,134 3,134 n/a 2,895 239
Total - Fines and Forfeitures - - 103,765 103,765 n/a 2,895 100,870
Interest (losses) on investments
101 36210.00 Interest Earnings 180,000 180,000 368,872 188,872 205%325,907 42,965
101 36210.87 Interest Earnings - - 156,172 156,172 n/a 65,485 90,687
101 36215.00 Amortization - Premium/Discount (20,000) (20,000) 73,934 93,934 -370%(12,966) 86,900
101 36225.00 Unrealized Inv.Gain(Loss)- - 93,577 93,577 n/a 166,340 (72,763)
Total - Interest (losses) on investments 160,000 160,000 692,555 532,555 433%544,766 147,789
Other Miscellaneous Revenues
101 36102.00 County Assess. Collection 4,000 4,000 5,057 1,057 126%5,499 (442)
101 36211.00 Developer Agreements 60,000 60,000 28,035 (31,965) 47%13,136 14,899
101 36212.00 Miscellaneous Revenue 69,800 69,800 523,543 453,743 750%78,882 444,661
101 36230.00 Contributions & Donations - - 10,769 10,769 n/a 4,120 6,648
101 36230.11 Contributions - Shop with a Cop - - 2,665 2,665 n/a 2,000 665
101 36230.12 Contributions and Donations - - 2,000 2,000 n/a 2,000 -
101 36230.13 Contributions and Donations - - 18,444 18,444 n/a 17,105 1,339
City of Prior Lake
General Fund Revenues
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
COMPARATIVE
101 36230.33 Contributions - Charitable Gambling - - 28,500 28,500 n/a - 28,500
101 39102.00 Sale of Property - - 5,086 5,086 n/a 5,672 (586)
Total - Other Miscellaneous Revenues 133,800 133,800 624,098 490,298 466%128,414 495,684
Other financing sources
101 39203.00 Transfer from Other Funds 852,400 852,400 876,400 24,000 103%555,000 321,400
Total - Other financing sources 852,400 852,400 876,400 24,000 103%555,000 321,400
Total Revenues 21,046,603 21,046,603 22,758,116 1,711,513 108%18,954,979 3,803,137
City of Prior Lake
General Fund Expenditures
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Function: General Government
41110.00 MAYOR & COUNCIL 83,227 83,227 78,524 4,703 94% 78,570 46
41130.00 ORDINANCE 5,000 5,000 8,453 (3,453) 169% 3,719 (4,734)
41320.00 ADMINISTRATION 393,124 393,124 392,322 802 100% 379,825 (12,496)
41330.00 BOARDS & COMMISSIONS 10,950 10,950 7,751 3,199 71% 5,590 (2,161)
41400.00 CITY CLERK 133,989 137,989 134,303 3,686 97% 125,182 (9,121)
41410.00 ELECTIONS 126,332 126,332 105,498 20,834 84% 25,516 (79,982)
41520.00 FINANCE 737,612 743,612 718,055 25,557 97% 659,658 (58,397)
41540.00 INTERNAL AUDITING 44,700 44,700 42,019 2,681 94% 47,345 5,326
41550.00 ASSESSING 258,575 258,575 252,942 5,633 98% 238,629 (14,313)
41610.00 LEGAL 267,214 267,214 271,394 (4,180) 102% 230,049 (41,345)
41820.00 HUMAN RESOURCES 364,352 364,352 358,907 5,445 99% 395,772 36,865
41830.00 COMMUNICATIONS 165,172 165,172 159,062 6,110 96% 148,820 (10,242)
41910.00 COMMUNITY DEVELOPMENT 397,650 397,650 286,032 111,618 72% 332,350 46,318
41920.00 INFORMATION TECHNOLOGY 605,413 624,836 503,649 121,187 81% 458,019 (45,630)
41940.00 FACILITIES - CITY HALL 902,617 902,617 814,570 88,047 90% 578,472 (236,098)
Total - Function General Government 4,495,927 4,525,350 4,133,481 391,869 91% 3,707,516 (425,965)
Function: Public Safety
42100.00 POLICE 7,165,532 7,301,867 7,006,386 295,480 96% 6,339,143 (667,243)
42200.00 FIRE 2,749,058 2,769,075 2,779,249 (10,174) 100% 1,981,949 (797,300)
42400.00 BUILDING INSPECTION 862,152 862,152 836,520 25,632 97% 801,189 (35,330)
42500.00 EMERGENCY MANAGEMENT 15,340 15,340 29,278 (13,938) 191% 17,662 (11,616)
42700.00 ANIMAL CONTROL 36,000 36,000 28,800 7,200 80% 28,800 -
Total - Function Public Safety 10,828,082 10,984,434 10,680,233 304,200 97% 9,168,744 (1,511,489)
Function: Public Works
43050.00 ENGINEERING 471,965 471,965 492,621 (20,656) 104% 462,567 (30,054)
43100.00 STREET 1,776,306 1,866,306 1,607,518 258,788 86% 1,508,398 (99,120)
43400.00 CENTRAL GARAGE 599,050 599,050 556,944 42,106 93% 542,225 (14,719)
43600.00 DEVELOPMENT PROJECTS - - 30,086 (30,086) n/a 72,528 42,443
Total - Function Public Works 2,847,321 2,937,321 2,687,169 250,152 91% 2,585,718 (101,451)
Function: Culture and Recreation
45100.00 RECREATION 627,505 627,505 582,292 45,213 93% 483,811 (98,481)
45200.00 PARKS 1,966,606 2,006,606 1,995,629 10,977 99% 1,766,831 (228,798)
45500.00 LIBRARIES 32,674 32,674 24,500 8,174 75% 61,618 37,117
Total - Function Culture and Recreation 2,626,785 2,666,785 2,602,422 64,363 98% 2,312,259 (290,163)
80000.00 Transfer to Other Funds 248,488 248,488 248,488 - 100% 633,888 385,400
Total Expenditures 21,046,603 21,362,378 20,351,792 1,010,585 95%18,408,125 (1,943,668)
COMPARATIVE
City of Prior Lake
Expenditures- Personal Services Category Only (Payroll/Taxes/Benefits)
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
GENERAL FUND
Function: General Government
41110.00 MAYOR & COUNCIL 76,427 76,427 73,600 2,827 96% 68,430 (5,170)
41320.00 ADMINISTRATION 313,089 313,089 320,999 (7,910) 103% 296,938 (24,061)
41330.00 BOARDS & COMMISSIONS 10,550 10,550 7,751 2,799 73% 5,490 (2,261)
41400.00 CITY CLERK FUNCTIONS 130,660 130,660 130,597 63 100% 121,706 (8,891)
41410.00 ELECTIONS 112,832 112,832 84,660 28,172 75% 121 (84,539)
41520.00 FINANCE 704,542 704,542 692,119 12,423 98% 618,314 (73,805)
41820.00 HUMAN RESOURCES 316,502 316,502 312,210 4,292 99% 320,463 8,253
41830.00 COMMUNICATIONS 143,422 143,422 142,412 1,010 99% 132,267 (10,146)
41910.00 COMMUNITY DEVELOPMENT 348,850 348,850 247,560 101,290 71% 304,020 56,460
41920.00 INFORMATION TECHNOLOGY 256,283 256,283 258,175 (1,892) 101% 240,880 (17,295)
41940.00 FACILITIES - CITY HALL 101,693 101,693 96,879 4,814 95% 91,737 (5,143)
Total - Function General Government 2,514,850 2,514,850 2,366,961 147,889 94% 2,200,365 (166,597)
Function: Public Safety
42100.00 POLICE 6,238,856 6,238,856 6,065,444 173,412 97% 5,660,169 (405,276)
42200.00 FIRE 2,354,931 2,354,931 2,367,945 (13,014) 101% 1,559,553 (808,391)
42400.00 BUILDING INSPECTION 830,502 830,502 819,895 10,607 99% 789,413 (30,481)
Total - Function Public Safety 9,424,289 9,424,289 9,253,283 171,006 98% 8,009,135 (1,244,148)
Function: Public Works
43050.00 ENGINEERING 403,645 403,645 391,994 11,651 97% 379,493 (12,501)
43100.00 STREET 582,011 582,011 564,331 17,680 97% 525,463 (38,868)
43400.00 CENTRAL GARAGE 293,500 293,500 279,194 14,306 95% 271,487 (7,707)
Total - Function Public Works 1,279,156 1,279,156 1,235,518 43,638 97% 1,176,444 (59,075)
Function: Culture and Recreation
45100.00 RECREATION 444,525 444,525 382,145 62,380 86% 296,538 (85,608)
45200.00 PARKS 1,253,181 1,253,181 1,241,216 11,965 99% 1,152,927 (88,289)
Total - Function Culture and Recreation 1,697,706 1,697,706 1,623,361 74,345 96% 1,449,464 (173,897)
General Fund Payroll Only Expenditures Total 14,916,001 14,916,001 14,479,124 436,877 97% 12,835,408 (1,643,716)
EDA FUND
Function: Economic Development
46500.00 ECONOMIC DEVELOPMENT 163,834 163,834 126,172 37,662 77% 136,840 10,667
EDA Fund Payroll Only Expenditures Total 163,834 163,834 126,172 37,662 77% 136,840 10,667
COMPARATIVE
City of Prior Lake
Expenditures- Personal Services Category Only (Payroll/Taxes/Benefits)
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
COMPARATIVE
WATER FUND
Function: Water
41520.00 FINANCE 89,344 89,344 89,466 (122) 100% 82,981 (6,485)
49400.00 WATER 826,958 1,009,063 953,931 55,132 95% 1,066,260 112,329
Water Fund Payroll Only Expenditures Total 916,302 1,098,407 1,043,397 55,010 95% 1,149,241 105,844
SEWER FUND
Function: Sewer
41520.00 FINANCE 89,344 89,344 89,453 (109) 100% 82,689 (6,763)
49450.00 SEWER 869,044 686,939 565,951 120,988 82% 587,837 21,886
Sewer Fund Payroll Only Expenditures Total 958,388 776,283 655,403 120,880 84% 670,526 15,123
STORM WATER FUND
Function: Storm Water
49420.00 WATER QUALITY 370,250 370,250 198,984 171,266 54% 193,742 (5,242)
Storm Water Fund Payroll Only Expenditures Total 370,250 370,250 198,984 171,266 54% 193,742 (5,242)
City-Wide Total Payroll Expenditures 17,324,775 17,324,775 16,503,081 821,694 95%14,985,757 (1,517,324)
City of Prior Lake
Debt Service Funds
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Revenues
Property Taxes
Current Property Taxes 3,203,024 3,203,024 3,187,884 (15,140) 100% 3,349,739 (161,855)
Special Assessments
City Assess. Collections - - 1,306,399 1,306,399 n/a 325,203 981,196
County Assess. Collection 640,649 640,649 427,420 (213,229) 67% 446,204 (18,785)
Interest (losses) on investments
Interest Earnings 52,900 52,900 108,577 55,677 205% 103,946 4,631
Unrealized Inv.Gain(Loss) - - 35,140 35,140 n/a 42,737 (7,597)
Miscellaneous Revenues
Miscellaneous Revenues - - 17,000 17,000 n/a - 17,000
Other Financing Sources
Transfer from Other Funds 1,010,990 965,990 968,114 2,124 100% 1,243,438 (275,324)
Total Revenues 4,907,563 4,862,563 6,050,534 1,187,971 124%5,511,267 539,267
Expenditures
Debt Service
Principal 4,202,801 4,202,801 4,202,801 0 100% 4,261,693 58,893
Interest and Other 971,142 971,142 973,206 (2,064) 100% 1,024,890 51,685
Transfers to Other Funds 45,000 - 2,124 (2,124) n/a 173,737 171,613
Total Expenditures 5,218,943 5,173,943 5,178,131 (4,188) 100%5,460,321 282,190
Net Change (311,380) (311,380) 872,403 50,946
COMPARATIVE
City of Prior Lake
Cable Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Revenues
Charges for Services
210-41340.00-34304.00 PEG Access Fees 17,100 17,100 13,368 (3,732) 78% 16,448 (3,080)
Interest (losses) on investments
210-41340.00-36210.00 Interest Earnings - - 3,645 3,645 n/a 2,999 646
210-41340.00-36225.00 Unrealized Inv. Gain (Loss) - - 880 880 n/a 1,544 (663)
Total - Interest (losses) on investments - - 4,525 4,525 n/a 4,543 (17)
Total Revenues 17,100 17,100 17,893 793 105%20,991 (3,097)
Expenditures
Current Expenditures
210-41340.00-52400.20 Small Equipment - Technology 6,000 6,000 - 6,000 0% - -
210-41340.00-54020.00 Software Service Contract - - 3,576 (3,576) n/a 3,576 -
Total - Current Expenditures 6,000 6,000 3,576 2,424 60% 3,576 -
Total Expenditures 6,000 6,000 3,576 2,424 60%3,576 -
Net Change 11,100 11,100 14,317 17,415
COMPARATIVE
City of Prior Lake
Capital Park Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Revenues
Charges for Services
225-45200.00-34760.01 Facility Rental - Regular - - 24,800 24,800 n/a - 24,800
225-45200.00-34760.87 Facility Rental - Lease 24,000 24,000 - (24,000) 0% 23,967 (23,967)
225-45200.00-34791.00 Dedication Fees 300,000 300,000 36,810 (263,190) 12% 98,937 (62,127)
Total - Charges for Services 324,000 324,000 61,610 (262,390) 19% 122,904 (61,294)
Intergovernmental
225-45200.00-33422.23-PRK23-000001 State Aids/Grants - Capital Parks - - 198,467 198,467 n/a - 198,467
Total - Intergovernmental - - 198,467 198,467 n/a - 198,467
Interest (losses) on investments
225-00000.00-36210.00 Interest Earnings 30,600 30,600 56,165 25,565 184% 54,821 1,344
225-00000.00-36210.87 Interest Earnings - - (715) (715) n/a (711) (4)
225-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 14,357 14,357 n/a 26,577 (12,220)
Total - Interest (losses) on investments 30,600 30,600 69,807 39,207 228% 80,687 (10,880)
Contributions and donations
225-00000.00-36230.00 Contributions & Donations - - 7,450 7,450 n/a 14,300 (6,850)
Total - Contributions and donations - - 7,450 7,450 n/a 14,300 (6,850)
Total Revenues 354,600 354,600 337,334 (17,266) 95%217,891 119,443
Expenditures
225-45200.00-53100.80 Professional Services-General 5,000 5,000 6,946 (1,946) 139% 65,817 58,871
225-45200.00-55020.00 Projects - Engineering - - 261,141 (261,141) n/a 70,255 (190,885)
225-45200.00-55040.00-PRK23-000001 Projects - Property & ROW Acquisit'n - - 2,800 (2,800) n/a - (2,800)
225-45200.00-55050.00-PRK23-000001 Projects - Professional Services - - 84,054 (84,054) n/a - (84,054)
225-45200.00-55050.00-PRK24-000001 Projects - Professional Services - - 185,260 (185,260) n/a - (185,260)
225-45200.00-55050.00-TRN19-000004 Projects - Professional Services - - - - n/a (23,088) (23,088)
225-45200.00-55530.00 Infrastructure 300,000 300,000 15,787 284,213 5% 23,699 7,912
Total Expenditures 305,000 305,000 555,988 (250,988) 182%136,684 (419,304)
Net Change 49,600 49,600 (218,654) 81,207
COMPARATIVE
City of Prior Lake
Revolving Equipment Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Revenues
Taxes
410-00000.00-31010.00 Current Property Taxes 800,000 800,000 796,530 (3,470) 100%747,710 48,821
Total - Taxes 800,000 800,000 796,530 (3,470) 100%747,710 48,821
Interest (losses) on investments
410-00000.00-36210.00 Interest Earnings 14,500 14,500 20,932 6,432 144%26,450 (5,518)
410-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - 7,642 7,642 n/a 15,132 (7,491)
Total - Interest (losses) on investments 14,500 14,500 28,574 14,074 197%41,582 (13,009)
Sale of assets
410-00000.00-39102.00 Sale of Property - - 294,704 294,704 n/a 122,667 172,036
Total - Sale of assets - - 294,704 294,704 n/a 122,667 172,036
Transfers in
410-00000.00-39203.00 Transfer from Other Funds - 400,000 400,000 - 100%217,500 182,500
Total - Transfers in - 400,000 400,000 - 100%217,500 182,500
Total Revenues 814,500 1,214,500 1,519,808 305,308 125%1,129,459 390,349
COMPARATIVE
City of Prior Lake
Revolving Equipment Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
COMPARATIVE
Expenditures
Public Safety
Police
410-42100.00-55550.00 Vehicles 330,000 370,000 390,294 (20,294) 105%179,992 (210,302)
410-42100.00-55570.00 Machinery & Equipment - - - - n/a 44,315 44,315
Fire
410-42200.00-55550.00 Vehicles - 573,000 615,420 (42,420) 107%83,403 (532,016)
410-42200.00-55570.00 Machinery & Equipment - - - - n/a 96,453 96,453
Building Inspection
410-42400.00-55550.00 Vehicles - 44,000 48,717 (4,717) 111%- (48,717)
Emergency Management
410-42500.00-55570.00 Machinery & Equipment 93,200 93,200 30,760 62,440 33%- (30,760)
Total Public Safety 423,200 1,080,200 1,085,190 (4,990) 100%404,163 (681,028)
Public Works
Street
410-43100.00-55550.00 Vehicles - - 71,576 (71,576) n/a - (71,576)
410-43100.00-55570.00 Machinery & Equipment 38,000 38,000 30,625 7,375 81%37,492 6,868
Engineering
410-43050.00-55550.00 Vehicles 50,000 50,000 49,542 458 99%- (49,542)
Central Garage
410-43400.00-55550.00 Vehicles 25,000 25,000 19,800 5,200 n/a 20,418 618
Total Public Works 113,000 113,000 171,543 (58,543) 152%57,910 (113,633)
Culture and Recreation/Parks
410-45200.00-55550.00 Vehicles - 347,500 253,656 93,844 73%123,611 (130,045)
410-45200.00-55570.00 Machinery and Equipment 328,000 328,000 283,402 44,598 86%582,530 299,128
Total Culture & Recreation 328,000 675,500 537,058 138,442 80%706,141 169,083
Total Expenditures 864,200 1,868,700 1,793,792 74,908 96%1,168,214 (625,578)
Net Change (49,700) (654,200) (273,984) (38,755)
City of Prior Lake
Revolving Park Equipment Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Revenues
Taxes
430-00000.00-31010.00 Current Property Taxes 460,000 460,000 458,181 (1,819) 100%439,181 19,000
Total - Taxes 460,000 460,000 458,181 (1,819) 100%439,181 19,000
Intergovernmental
430-45200.00-33422.23-PRK21-000001 State Aids/Grants - Capital Parks - - 299,485 299,485 n/a - 299,485
430-45200.00-33700.20 Miscellaneous Grants - Capital Grants - - 13,672 13,672 n/a - 13,672
Total - Intergovernmental - - 313,157 313,157 n/a - 313,157
Interest (losses) on investments
430-00000.00-36210.00 Interest Earnings 25,100 25,100 30,764 5,664 123%48,942 (18,179)
430-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - 9,108 9,108 n/a 14,833 (5,725)
Total - Interest (losses) on investments 25,100 25,100 39,872 14,772 159%63,775 (23,903)
Other
430-45200.00-36230.00 Contributions & Donations - - - - n/a 185,000 (185,000)
Total - Other - - - - n/a 185,000 (185,000)
Total Revenues 485,100 485,100 811,210 326,110 167%687,956 123,254
Expenditures
Culture and Recreation
Dept 45200.00 - PARKS
430-45200.00-53100.80 Professional Services - General - - 2,645 (2,645) n/a - (2,645)
430-45200.00-55010.00 Projects - Contract Vouchers - - - - n/a 1,007,709 1,007,709
430-45200.00-55020.00 Projects - Engineering - - 32,059 (32,059) n/a 88,069 56,010
430-45200.00-55050.00-PRK23-000002 Projects - Professional Services - - - - n/a 2,481 2,481
430-45200.00-55050.00-PRK25-000001 Projects - Professional Services - - 40,470 (40,470) n/a - (40,470)
430-45200.00-55530.00 Infrastructure 65,000 65,000 18,464 46,536 28%504,040 485,575
Total Culture & Recreation 65,000 65,000 93,638 (28,638) 144%1,602,298 1,508,660
Total Expenditures 65,000 65,000 93,638 (28,638) 144%1,602,298 1,508,660
Net Change 420,100 420,100 717,572 (914,342)
COMPARATIVE
City of Prior Lake
Facilities Management Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Revenues
Taxes
440-00000.00-31010.00 Current Property Taxes 205,000 205,000 204,419 (581) 100% 154,264 50,155
Total - Taxes 205,000 205,000 204,419 (581) 100% 154,264 50,155
Interest (losses) on investments
440-00000.00-36210.00 Interest Earnings 25,200 25,200 43,750 18,550 174% 44,860 (1,111)
440-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 13,733 13,733 n/a 21,648 (7,915)
Total - Interest (losses) on investments 25,200 25,200 57,483 32,283 228% 66,508 (9,025)
Miscellaneous Revenues
440-41940.00-36212.00 Miscellaneous Revenue - - 89,800 89,800 n/a - 89,800
Total - Miscellaneous Revenues - - 89,800 89,800 n/a - 89,800
Transfers in
440-00000.00-39203.00 Transfer from Other Funds 24,000 24,000 24,000 - 100% - 24,000
Total - Transfers in 24,000 24,000 24,000 - 100% - 24,000
Debt Issued
440-00000.00-39310.00 G.O. Bond Proceeds 1,100,000 1,100,000 - (1,100,000) 0% - -
Total - Debt Issued 1,100,000 1,100,000 - (1,100,000) 0% - -
Total Revenues 1,354,200 1,354,200 375,702 (978,498) 28%220,772 154,930
Expenditures
Function: General Government
41920.00-52200.02 Repair & Maint Supplies - Building-FACILITIES - CITY HALL - - 1,545 (1,545) n/a - (1,545)
41920.00-53100.80 Professional Services - General-FACILITIES - CITY HALL - - 23,645 (23,645) n/a - (23,645)
41920.00-54010.02 Maint Agreements - Buildings-FACILITIES - CITY HALL - - 158,420 (158,420) n/a - (158,420)
41940.00-55050.00 Projects Professional Svcs-FACILITIES - CITY HALL - - 48,285 (48,285) n/a 11,648 (36,637)
41940.00-55520.00 Building & Building Improvements-FACILITIES - CITY HALL 439,600 86,100 165,209 (79,109) 192% - (165,209)
41920.00-55570.00 Machinery and Equipment-INFORMATION TECHNOLOGY - - 1,055 (1,055) n/a - (1,055)
Total - Function General Government 439,600 86,100 398,158 (312,058) 462% 11,648 (386,510)
Function: Public Safety
42100.00-55520.00 Building & Building Improvements-POLICE 81,000 188,000 17,964 170,036 10% 24,934 6,970
42200.00-55050.00 Projects-Professional Services-FIRE - - - - n/a 5,105 5,105
42200.00-55520.00 Building & Building Improvements-FIRE 178,600 170,500 36,856 133,644 22% 129,337 92,481
Total - Function Public Safety 259,600 358,500 54,820 303,680 15% 159,376 104,556
Function: Public Works
43400.00 CENTRAL GARAGE 128,000 128,000 9,962 118,038 8% 49,550 39,588
Total - Function Public Works 128,000 128,000 9,962 118,038 8% 49,550 39,588
Function: Culture and Recreation
45200.00 PARKS 16,000 16,000 15,080 920 94% - (15,080)
45500.00 LIBRARIES 23,500 403,500 453,757 (50,257) 112% - (453,757)
Total - Function Culture and Recreation 39,500 419,500 468,837 (49,337) 112% - (468,837)
Total Expenditures 866,700 992,100 931,777 - n/a 220,574 (711,204)
Net Change 487,500 362,100 (556,075) 198
COMPARATIVE
City of Prior Lake
Permanent Improvement Revolving Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Revenues
Taxes
450-00000.00-31810.00 Franchise Taxes 1,080,000 1,080,000 1,096,647 16,647 102% 1,079,097 17,549
Total - Taxes 1,080,000 1,080,000 1,096,647 16,647 102% 1,079,097 17,549
Intergovernmental
450-00000.00-33610.25 County-City Aids/Grants - Capital PW - - 23,573 23,573 n/a - 23,573
Total - Intergovernmental - - 23,573 23,573 n/a - 23,573
Special Assessments
450-00000.00-36101.00 City Assess. Collections - - 939,493 939,493 n/a 5,064 934,428
450-00000.00-36102.00 County Assess. Collection 580,666 580,666 42,224 (538,442) 7% 81,809 (39,585)
Total - Special Assessments 580,666 580,666 981,716 401,050 169% 86,874 894,843
Interest (losses) on investments
450-00000.00-36210.00 Interest Earnings 18,300 18,300 45,379 27,079 248% 50,250 (4,871)
450-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 4,453 4,453 n/a 26,308 (21,856)
Total - Interest (losses) on investments 18,300 18,300 49,832 31,532 272% 76,559 (26,727)
Transfers in
450-00000.00-39203.00 Transfer from Other Funds 1,850,000 - 615,441 615,441 n/a - 615,441
Total - Transfers in 1,850,000 - 615,441 615,441 n/a - 615,441
Debt Issued
450-00000.00-39310.00 G.O. Bond Proceeds 1,696,200 1,696,200 1,580,000 (116,200) 93% - 1,580,000
Total - Debt Issued 1,696,200 1,696,200 1,580,000 (116,200) 93% - 1,580,000
Other Financing Sources
450-43100.00-39315.00 Projects - Bond Premium - - 106,507 106,507 n/a - 106,507
Total - Other Financing Sources - - 106,507 106,507 n/a - 106,507
Total Revenues 5,225,166 3,375,166 4,453,715 1,078,549 132%1,242,530 3,211,185
Expenditures
Function: Public Works
450-43100.00-55010.00 Projects - Contract Vouchers - - 4,981,003 (4,981,003) n/a - (4,981,003)
450-43100.00-55020.00 Projects - Engineering - - 317,179 (317,179) n/a 257,976 (59,203)
450-43100.00-55050.00 Projects - Professional Services - - 262 (262) n/a - (262)
450-43100.00-55070.00 Projects - Bond Issuance Costs - - 46,531 (46,531) n/a - (46,531)
450-43100.00-55530.00 Infrastructure 6,570,000 6,570,000 - (6,570,000) 0% - -
Total - Function Public Works 6,570,000 6,570,000 5,344,974 (11,914,974) 81% 257,976 (5,086,999)
OTHER FINANCING USES
Transfers out
450-80000.00-59203.00 Transfers to Other Funds 94,590 94,590 94,590 - 100% 203,100 108,510
Total - Transfers out 94,590 94,590 94,590 - 100% 203,100 108,510
Total Expenditures 6,664,590 6,664,590 5,439,564 1,225,026 82%461,076 (4,978,489)
Net Change (1,439,424) (3,289,424) (985,849) 781,454
COMPARATIVE
City of Prior Lake
Water Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Revenues
Operating Revenue
Water Charges
601-49400.00-37100.00 Utility Receipts - Water 4,042,024 4,042,024 3,515,380 (526,644) 87%4,672,307 (1,156,927)
601-49400.00-37160.00 Penalties 20,000 20,000 9,636 (10,364) 48%10,428 (793)
Total - Water Charges 4,062,024 4,062,024 3,525,015 (537,009) 87%4,682,735 (1,157,720)
Utility Base Fee
601-49400.00-37110.00 Utility Base Fee Revenue 1,374,903 1,374,903 1,389,992 15,089 101%1,314,590 75,402
Total - Utility Base Fee 1,374,903 1,374,903 1,389,992 15,089 101%1,314,590 75,402
Meter Sales
601-49400.00-37170.00 Water Meter Sales 79,825 79,825 49,859 (29,966) 62%52,924 (3,065)
601-49400.00-37175.00 Pressure Reducers 25,000 25,000 11,548 (13,452) 46%13,338 (1,789)
Total - Meter Sales 104,825 104,825 61,407 (43,418) 59%66,261 (4,854)
Total Operating Revenue 5,541,752 5,541,752 4,976,415 (565,337) 90%6,063,586 (1,087,171)
Non-Operating Revenue
Intergovernmental
601-49400.00-33422.15 State Aids/Grants - Operating Public Wor - - 5,437 5,437 n/a 17 5,420
Total - Intergovernmental - - 5,437 5,437 n/a 17 5,420
Interest (losses) on investments
601-00000.00-36210.00 Interest Earnings 117,300 117,300 290,835 173,535 248%232,414 58,421
601-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - 64,554 64,554 n/a 125,962 (61,408)
Total - Interest (losses) on investments 117,300 117,300 355,389 238,089 303%358,376 (2,987)
Miscellaneous Revenues
601-00000.00-36212.00 Miscellaneous Revenue - - 14,935 14,935 n/a 18,374 (3,439)
601-00000.00-36102.00 County Assess Collection - - 6,248 6,248 n/a 3,714 2,534
601-42100.00-36231.00 PERA Pension Contributions - - 15,729 15,729 n/a 69 15,660
Total - Miscellaneous Revenues - - 36,912 36,912 - 22,157 14,755
Total Non-Operating Revenue 117,300 117,300 397,738 280,438 339%380,550 17,188
Total Revenues 5,659,052 5,659,052 5,374,153 (284,899) 95%6,444,136 (1,069,984)
COMPARATIVE
City of Prior Lake
Water Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
COMPARATIVE
Total Expenditures
Personnel and current expenditures (excluding depreciation)
41520.00 Finance 124,805 124,805 123,445 1,360 99%113,660 (9,785)
49400.00 Water 2,911,360 3,393,465 2,606,177 787,288 77%3,006,706 400,529
Total - Personnel and current expenditures (excluding depreciation)3,036,165 3,518,270 2,729,622 788,648 78%3,120,366 390,744
Depreciation
601-49400.00-54200.00 Water - - 1,082,320 (1,082,320) n/a 1,059,317 (23,003)
Total - Depreciation - - 1,082,320 (1,082,320) n/a 1,059,317 (23,003)
Principal
601-49400.00-56010.00 Water 135,000 135,000 135,000 - 100%130,000 (5,000)
Total - Principal 135,000 135,000 135,000 - 100%130,000 (5,000)
Debt Service
601-49400.00-56500.00 Contra Debt Service - Enterprise Prin - - (135,000) 135,000 n/a (130,000) 5,000
Total - Debt Service - - (135,000) 135,000 n/a (130,000) 5,000
Interest & other
601-49400.00-56110.00 Water 34,650 34,650 34,410 240 99%39,730 5,320
Total - Interest & other 34,650 34,650 34,410 240 99%39,730 5,320
Capital improvements
601-49400.00-55530.00 Infrastructure 75,000 75,000 96,002 (21,002) 128%63,818 (32,185)
601-49400.00-55550.00 Vehicles - - 65,891 (65,891) n/a - (65,891)
601-49400.00-55570.00 Machinery and equipment 110,500 110,500 5,104 105,396 5%49,573 44,469
Total - Capital improvements 185,500 185,500 166,998 18,502 90%113,391 (53,607)
601-49400.00-55700.00 Contra Capital Outlay - - (151,618) 151,618 n/a (49,573) 102,045
601-49400.00-51479.00 PERA Pension Expense - - (39,170) 39,170 n/a 118,198 157,368
Total Expenditures 3,391,315 3,873,420 3,822,562 50,858 4,401,428 578,867
Other Financing Sources
Contribution of assets
601-00000.00-37901.00 Contribution (Other Fund)- - 1,856,220 1,856,220 n/a 768,036 1,088,184
Total - Contribution of assets - - 1,856,220 1,856,220 n/a 768,036 1,088,184
Transfers in
601-00000.00-39203.00 Transfer from Other Funds - - 257,313 257,313 n/a 163,937 93,376
Total - Transfers in - - 257,313 257,313 n/a 163,937 93,376
Debt Issued
601-00000.00-39315.00 Projects - Bond Premium - - 16,160 16,160 n/a 20,488 (4,327)
Total - Debt Issued - - 16,160 16,160 n/a 20,488 (4,327)
City of Prior Lake
Water Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
COMPARATIVE
Total Other Financing Sources - - 2,129,693 2,129,693 n/a 952,461 1,177,232
Other Financing Uses
Transfers out
601-80000.00-59203.00 Transfers to other funds 2,713,650 863,650 1,040,002 (176,352) 120%1,659,590 619,588
Total - Transfers out 2,713,650 863,650 1,040,002 (176,352) 120%1,659,590 619,588
Total Other Financing Uses 2,713,650 863,650 1,040,002 (176,352) 120%1,659,590 619,588
Total Revenues/Other Financing Sources 5,659,052 5,659,052 7,503,846 1,844,794 133%7,396,597 107,249
Total Expenditures/Other Financing Uses 6,104,965 4,737,070 4,862,564 (125,494) 103%6,061,018 1,198,455
Net Change (445,913) 921,982 2,641,282 1,335,579
City of Prior Lake
Sewer Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Revenues
Operating Revenue
Sewer Charges
604-49450.00-37102.00 Utility Receipts - Sewer 2,023,789 2,023,789 1,928,213 (95,576) 95%1,715,511 212,702
604-49450.00-37104.00 Utility Recpt-Sewer MCES 2,106,431 2,106,431 1,975,174 (131,257) 94%1,827,595 147,579
604-49450.00-37160.00 Penalties - - 6,449 6,449 n/a 5,583 866
Total - Sewer Charges 4,130,220 4,130,220 3,909,835 (220,385) 95%3,548,688 361,147
Capital Facility charges
604-49450.00-37110.00 Utility Base Fee Revenue 1,195,743 1,195,743 1,206,346 10,603 101%1,140,769 65,578
Total - Capital Facility charges 1,195,743 1,195,743 1,206,346 10,603 101%1,140,769 65,578
Total Operating Revenue 5,325,963 5,325,963 5,116,181 (209,782) 96%4,689,457 426,724
Non-Operating Revenue
Intergovernmental
604-49450.00-33630.20 Metro Council Grants - Capital - - - - n/a 61,715 (61,715)
Total - Intergovernmental - - - - n/a 61,715 (61,715)
Interest (losses) on investments
604-00000.00-36210.00 Interest Earnings 70,000 70,000 145,480 75,480 208%131,201 14,279
604-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - 32,295 32,295 n/a 64,375 (32,080)
Total - Interest (losses) on investments 70,000 70,000 177,774 107,774 254%195,576 (17,801)
Miscellaneous Revenues
604-00000.00-36102.00 County Assess. Collections - - 4,911 4,911 n/a 2,890 2,021
604-00000.00-36212.00 Miscellaneous Revenue - - 6,250 6,250 n/a 5,100 1,150
604-42100.00-36231.00 PERA Pension Contributions - - 9,919 9,919 n/a 47 9,872
Total - Miscellaneous Revenues - - 21,080 21,080 n/a 8,037 13,043
Total Non-Operating Revenue 70,000 70,000 198,854 128,854 284%265,328 (66,473)
Total Revenue 5,395,963 5,395,963 5,315,036 (80,927) 99%4,954,785 360,251
COMPARATIVE
City of Prior Lake
Sewer Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
COMPARATIVE
Expenditures
Personnel and current expenditures (excluding depreciation)
41520.00 Finance 124,440 124,440 123,400 1,040 99%113,304 (10,097)
49450.00 Sewer 3,439,711 3,351,606 3,296,596 55,010 98%2,908,360 (388,235)
Total - Personnel and current expenditures (excluding depreciation)3,564,151 3,476,046 3,419,996 56,050 98%3,021,664 (398,332)
Depreciation
604-49450.00-54200.00 Sewer - - 770,812 (770,812) n/a 730,684 (40,128)
Total - Depreciation - - 770,812 (770,812) n/a 730,684 (40,128)
Principal
604-49450.00-56010.00 Sewer 135,000 135,000 135,000 - 100%130,000 (5,000)
Total - Principal 135,000 135,000 135,000 - 100%130,000 (5,000)
Debt Service
604-49450.00-56500.00 Contra Debt Service - Enterprise Prin - - (135,000) 135,000 n/a (130,000) 5,000
Total - Debt Service - - (135,000) 135,000 n/a (130,000) 5,000
Interest & other
604-49450.00-56110.00 Sewer 34,650 34,650 34,410 240 99%39,730 5,320
Total - Interest & other 34,650 34,650 34,410 240 99%39,730 5,320
Capital improvements
604-49450.00-55010.00 Projects - Contract Vouchers - - 378,000 (378,000) n/a 292,109 (85,891)
604-49450.00-55530.00 Infrastructure 1,500,000 1,500,000 87,200 1,412,800 6%150,451 63,251
604-49450.00-55570.00 Machinery and equipment 440,000 440,000 78,431 361,569 18%305,485 227,054
Total - Capital improvements 1,940,000 1,940,000 543,631 1,396,369 28%748,046 204,414
604-49450.00-55700.00 Contra Capital Outlay - - (543,465) 543,465 n/a (752,678) (209,213)
604-49450.00-51479.00 PERA Pension Expense - - (48,730) 48,730 n/a (57,961) (9,231)
Total Expenditures 5,673,801 5,585,696 4,176,654 1,409,042 3,729,484 (447,170)
Other Financing Sources
Contribution of assets
604-00000.00-37901.00 Contribution (Other Fund)- - 1,229,310 1,229,310 n/a 541,136 688,174
Total - Contribution of assets - - 1,229,310 1,229,310 n/a 541,136 688,174
Debt Issued
604-00000.00-39315.00 Projects - Bond Premium - - 16,160 16,160 n/a 20,488 (4,327)
Total - Debt Issued - - 16,160 16,160 n/a 20,488 (4,327)
Transfers in
604-00000.00-39203.00 Transfer from Other Funds - - 88,032 88,032 n/a 78,197 9,836
Total - Transfers in - - 88,032 88,032 n/a 78,197 9,836
City of Prior Lake
Sewer Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
COMPARATIVE
Total Other Financing Sources - - 1,333,502 1,333,502 n/a 639,820 693,682
Other Financing Uses
604-80000.00-59203.00 Transfers to other funds 247,000 247,000 718,318 (471,318) 291%744,828 26,510
604-49450.00-57000.00 Loss on Disposal of Assets - - - - n/a 94,246 94,246
Total Other Financing Uses 247,000 247,000 718,318 (471,318) 291%839,074 120,756
Total Revenues/Other Financing Sources 5,395,963 5,395,963 6,648,538 1,252,575 123%5,594,605 1,053,933
Total Expenditures/Other Financing Uses 5,920,801 5,832,696 4,894,972 937,724 84%4,568,558 (326,414)
Net Change (524,838) (436,733) 1,753,566 1,026,046
City of Prior Lake
Water Quality Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Revenues
Operating Revenue
Storm Water Charges
602-49420.00-37120.00 Storm Water Revenue 1,510,793 1,510,793 1,626,421 115,628 108%1,411,227 215,194
602-49420.00-32250.00 Wetland Application Fee - - 300 300 n/a 450 (150)
Total - Storm Water Charges 1,510,793 1,510,793 1,626,721 115,928 108%1,411,677 215,044
Water Charges
602-49420.00-37160.00 Penalties 4,000 4,000 1,723 (2,277) 43%1,521 203
Total - Water Charges 4,000 4,000 1,723 (2,277) 43%1,521 203
Total Operating Revenue 1,514,793 1,514,793 1,628,445 113,652 108%1,413,198 215,247
Non-Operating Revenue
Interest (losses) on investments
602-00000.00-36210.00 Interest Earnings 41,100 41,100 136,623 95,523 332%81,454 55,169
602-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - 24,031 24,031 n/a 42,864 (18,833)
Total - Interest (losses) on investments 41,100 41,100 160,653 119,553 391%124,318 36,336
Miscellaneous Revenues
602-00000.00-36212.00 Miscellaneous Revenue - - - - n/a 17,414 (17,414)
602-49420.00-33422.10 State Aids/Grants - Operating Grants - - 38,000 38,000 n/a 27,000 11,000
602-00000.00-36102.00 County Assess. Collection - - (6,572) (6,572) n/a (3,994) (2,578)
602-42100.00-36231.00 PERA Pension Contributions - - 3,061 3,061 n/a 17 3,044
Total - Miscellaneous Revenues - - 34,489 34,489 n/a 40,437 (5,948)
Total Non-Operating Revenue 41,100 41,100 195,142 154,042 475%164,755 30,388
Total Revenues 1,555,893 1,555,893 1,823,587 267,694 117%1,577,952 245,635
COMPARATIVE
City of Prior Lake
Water Quality Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
COMPARATIVE
Expenditures
Personnel and current expenditures (excluding depreciation)
49420.00 Water Quality 674,800 674,800 445,044 229,756 66%453,156 8,113
Total - Personnel and current expenditures (excluding depreciation)674,800 674,800 445,044 229,756 66%453,156 8,113
Depreciation
49400.00 Water Quality - - 107,074 (107,074) n/a 107,388 314
Total - Depreciation - - 107,074 (107,074) n/a 107,388 314
Interest & other
602-49420.00-56110.00 Water Quality - - 18,431 (18,431) n/a - (18,431)
Total - Interest & other - - 18,431 (18,431) n/a - (18,431)
Capital improvements
602-49420.00-55010.00 Projects - Contract Vouchers - - 658,750 (658,750) n/a - (658,750)
602-49420.00-55020.00 Projects - Engineering - - 15,842 (15,842) n/a - (15,842)
602-49420.00-55050.00 Projects - Professional Services - - 59,453 (59,453) n/a 185,258 125,805
602-49420.00-55530.00 Infrastructure 1,708,000 1,708,000 28,794 1,679,206 2%121,190 92,396
Total - Capital improvements 1,708,000 1,708,000 762,839 945,161 45%306,448 (456,391)
602-49420.00-55700.00 Contra Capital Outlay - - (511,425) 511,425 n/a - 511,425
602-49420.00-51479.00 PERA Pension Expense - - (37,169) 37,169 n/a (47,540) (10,371)
Total Expenditures 2,382,800 2,382,800 784,793 1,598,007 33%819,453 34,660
Other Financing Sources
Contribution of assets
602-00000.00-37901.00 Contribution (Other Fund)- - 414,512 414,512 n/a 420,111 (5,599)
Total - Contribution of assets - - 414,512 414,512 n/a 420,111 (5,599)
Other Financing Sources
602-00000.00-39315.00 Projects - Bond Premium - - 1,248 1,248 n/a - 1,248
Total - Other Financing Sources - - 1,248 1,248 n/a - 1,248
Transfers in
602-00000.00-39203.00 Transfer from Other Funds - - 2,395 2,395 n/a - 2,395
Total - Transfers in - - 2,395 2,395 n/a - 2,395
Total Other Financing Sources - - 418,155 418,155 n/a 420,111 (1,956)
Other Financing Uses
602-49420.00-56300.00 Other Debt Service Expenses - - 34,751 (34,751) n/a - (34,751)
602-80000.00-59203.00 Transfers to other funds 113,300 113,300 437,806 (324,506) 386%110,000 (327,806)
City of Prior Lake
Water Quality Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
COMPARATIVE
Total Other Financing Uses 113,300 113,300 472,557 (359,257) 417%110,000 (362,557)
Total Revenues/Other Financing Sources 1,555,893 1,555,893 2,241,742 685,849 144%1,998,063 243,678
Total Expenditures/Other Financing Uses 2,496,100 2,496,100 1,257,350 1,238,750 50%929,453 (327,897)
Net Change (940,207) (940,207) 984,392 1,068,611
City of Prior Lake
Economic Development Authority Special Revenue Fund
As of 12/31/2024
(Preliminary & Unaudited)
Variance from Variance
2024 2024 2024 Amended Budget - % BDGT Actual from 2023
Budget Amended Actual Positive ( Negative)USED 12/31/2023 Positive (Negative)
Revenues
Taxes
240-00000.00-31010.00 Current Property Taxes 364,000 364,000 365,707 1,707 100% 342,910 22,797
240-00000.00-31040.00 Fiscal Disparities 26,000 26,000 21,490 (4,510) 83% 26,122 (4,632)
Total - Taxes 390,000 390,000 387,197 (2,803) 99% 369,032 18,165
Charges for Services
240-46500.00-34760.02 Facility Rental - EDA 24,588 24,588 27,867 3,279 113% 24,588 3,279
Total - Charges for Services 24,588 24,588 27,867 3,279 113% 24,588 3,279
Interest (losses) on investments
240-00000.00-36210.00 Interest Earnings 3,700 3,700 12,913 9,213 349% 11,221 1,692
240-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 4,064 4,064 n/a 6,846 (2,782)
Total - Interest (losses) on investments 3,700 3,700 16,977 13,277 459% 18,067 1,090
Total Revenues 418,288 418,288 432,041 13,753 103%411,687 20,354
Expenditures
Function: Economic Development
46500.00 ECONOMIC DEVELOPMENT 649,834 649,834 165,579 484,255 25% 180,686 15,107
Total Expenditures 649,834 649,834 165,579 484,255 25%180,686 15,107
Net Change (231,546) (231,546) 266,462 231,001
COMPARATIVE
2024
Preliminary
Year -End Report
April 22, 2025
PriorLakeMN.gov
Agenda
2024 Preliminary Year-End
Funds Highlighted:
General Fund
Other Governmental Funds
Enterprise Funds
General Fund Reserves
2
PriorLakeMN.gov
General Fund Summary
3
•2024 Year End Fund Balance Reserve: 60%
•2025 Estimated Year End Fund Balance Reserve
(reflects 2025 budget amendments of $230k): 56%
Total Revenues 22,758,000$
Total Expenditures 20,352,000$
Net Change-Add to Fund Balance 2,406,000$
Components of Net Add to Fund Balance:
Revenue more than budget 1,711,000$
Expenditures less than budget 1,011,000
Planned Use of Reserves (316,000)
Net Change-Add to Fund Balance 2,406,000$
General Fund Revenues
4
Revenue Classification 2024 2024
Amended Actual
Taxes 14,047,266 13,950,490 (96,776) -1%
Licenses and Permits 617,238 868,935 251,697 41%
Intergovernmental 3,348,632 3,586,572 237,940 7%
Charges for Services 1,887,267 2,055,300 168,033 9%
Fines and Forfeitures - 103,765 103,765
Interest (losses) on investments 160,000 692,556 532,556 333%
Other Revenue 133,800 624,098 490,298 366%
Transfers in 852,400 876,400 24,000 3%
Total Revenues 21,046,603$ 22,758,116$ 1,711,513$ 8%
$ Variance from
Amended Budget
Positive (Negative)
% Variance from
Amended Budget
Positive (Negative)
General Fund Revenues - Drivers of
Variance to Budget
5
Revenue Category Revenues Compared to Amended
Budget Favorable/(Unfavorable)
Intergovernmental:
Police Aid 91,000
State Fire Aid – this is a direct pass through to the Fire Relief
Association; and State Fire Training Aid; $72k and 22k
respectively
94,000
Charges for Services and Permit Fees:
Building Permits & Plan Check Fees which includes Jeffers
Waterfront multifamily building permit/fees of $217k 340,000
Contract Services 47,000
Court Fines - this is a direct pass through to the Scott County 101,000
Interest (losses) on Investments:
Interest Earnings & Amortization 439,000
Investment Fair Value Adjustment 94,000
Miscellaneous Revenues:
Excess TIF from Shepherd's Path TIF Disctrict close out 347,000
Contributions & Donations 62,000
Other Miscellaneous Revenues 32,000
Transfer In Revenues: 24,000
All Other 40,000
Estimated Total Revenues Exceeding Budget 1,711,000
General Fund Expenditures
6
Expenditure Function 2024 2024
Amended Actual
General Government 4,525,350 4,133,480 391,870 -9%
Public Safety 10,984,434 10,680,233 304,200 -3%
Public Works 2,937,321 2,687,169 250,152 -9%
Culture and Recreation 2,666,785 2,602,422 64,363 -2%
Transfer to other funds 248,488 248,488 - 0%
Total Expenditures 21,362,378$ 20,351,792$ 1,010,586$ -5%
$ Variance from
Amended Budget
% Variance from
Amended Budget
General Fund Expenditures – Drivers of Variance to Budget
7
Expenditure Category
Estimated
Expenditures
Compared to Budget*
Favorable/(Unfavorable)
Subtotals by Category
Personnel:
Savings from Employee Turnover, Hiring Delays, etc. 157,000
Fire Relief Association State Pension Contribution above budget (passthrough
expenditure) (72,000)
Other Wages (Election Judges) -2024 elections budget for 7,630 election judge
hours but only 6,177 hours were worked 28,000
Health Insurance Savings - New employees budgeted at family rate 137,000
Workers Comp Insurance Savings - Budgeted a 5% increase in 2024 workers
compensation rates but the insurer, LMCIT, reduced the rates by 15% based on updated
actual and projected claim costs
189,000
Other Benefits (2,000)
Total Personnel 437,000
Current Expenditures/Capital Outlay:
Information Technology Dept favorable to budget: Software subcriptions $53k;
City Hall switch $20k; $30k for PD server work to be done in 2025;$15k
professional services (CIT)
123,000
Facilities - City Hall: $29k Repairs & Maintenance; Utilities $40k for Xcel eletric
refund and natural gas prices lower due to higher avg temps;$16k City Hall
renovation work to be completed/invoiced in 2025
83,000
Police Dept: $103k for expenditures to be carried forward to 2025 for IT mobile
device mgr/CGIS equipment/office equipment/training; $32k fuel savings; $25k
personnel testing; $12k utilities
226,000
Police: County Court Fines (pass-through to Scott County) (101,000)
Streets Dept: $81k fuel savings; $62k snow & ince mgmt; $40k R&M; $15k
street lighting; $13k sotware service contract 241,000
All Other 2,000
Total Current Expenditures & Capital Outlay 574,000
Other (Transfers Out) -
Total Expenditures $1,011,000
2024 Other Funds
8
Debt Service Funds
•Revenue from property taxes and special assessments
•Planned payment of debt service in June and December.
Special Revenue Funds:
Cable Fund:
•Revenue source is PEG Access Fees
•Equipment & service costs for Council meeting live stream capability.
Capital Park Fund:
•Revenue includes $198k state aid for TH13 Trail Segment 5; Park Dedication Fees
from new development
•Planned Expenditures follow the Capital Improvement Program (TH13 Trail Segment
5 and Segment 1 project costs.)
2024 Other Funds
9
Special Revenue Funds (continued):
MN Public Safety Fund:
Activity
Estimated Ending
Fund Balance
2023 Funds Received 1,217,937$
2024:
Police officer add (143,000)
PD server (30,000)
VM license for PD server (15,000)
FS1 port switch (7,500)
PD Training Suits (4,600)
City Hall Core Network Switch: 50% of cost (25,000)
PD Scheduling Study (42,000)
PD Scheduling Study (4,000)
CPR device for fire engine (20,000)
Fire Ladder Truck funding (400,000)
Net Interest (losses) on investments 44,028
Total Estimated Ending Fund Balance 570,865$
Public Safety State Aid Fund 270
PriorLakeMN.gov
•Special Revenue Funds (continued):
•EDA Fund:
•Added $266k to fund balance
•Driver: EDA purchase of 4556 Colorado Street St. property.
Accounting standards require us to record this as an asset
held for resale, not a property acquisition expenditure.
10
2024 Other Funds
2024 Other Funds
11
Special Revenue Funds (continued):
Local Affordable House Aid (LAHA) Fund:
•Revenue source is state aid - $110k
•Expenditures: LAHA Contribution to Twin
Cities Habitat for Humanity - $30k
•Fund Balance of $80k restricted for
qualifying projects
2024 Other Funds
12
Capital Project Funds:
•Revolving Equipment Fund – equipment purchases of $1.8M
•Revolving Park Equipment Fund – expenditures of $93k primarily for Pond Park
Phase 2 and the PLAY Miracle Field project as defined in CIP.
•Facilities Management Fund – Expenditures of $932k primarily for Club
Prior/Library renovation and City Hall water damage.
•City Hall water damage expenditures of $306k. $89k of insurance proceeds from the city
hall water damage claim. (Staff anticipates additional insurance proceeds as the claim is
processed by the LMCIT.)
•PIR/Street Overlay Fund – Wilds/Jeffers area street overlay expenditures of $5.3M
in 2024.
Revenue source:
Primarily property tax, included $300k state aid for Ponds Park project.
Transfers in from the Utility Funds for equipment and facilities
New gas & electric franchise tax revenue of $1,097,000 dedicated to street
funding.
Water Fund
13
Revenue 7,503,846
Expense 4,862,564
Revenue Over (Under) Expense 2,641,282
Cash by Purpose
For future capital improvements 7,170,900
For following year pay-go capital 972,500
For 3-months of operating cash 788,461
For following year debt service 789,000
Ending Cash 9,720,861
Net Position
Ending unrestricted net position 8,126,440
Sewer Fund
14
Revenue 6,648,538
Expense 4,894,972
Revenue Over (Under) Expense 1,753,566
Cash by Purpose
For future capital improvements 1,963,726
For following year pay-go capital 1,993,500
For 3-months of operating cash 1,028,363
For following year debt service 164,250
Ending Cash 5,149,840
Net Position
Ending unrestricted net position 4,450,731
Stormwater Fund
15
Revenue 2,241,742
Expense 1,257,350
Revenue Over (Under) Expense 984,392
Cash by Purpose
For future capital improvements 3,238,989
For following year pay-go capital 695,000
For 3-months of operating cash 278,869
Ending Cash 4,212,858
Net Position
Ending unrestricted net position 1,373,966
16
Questions