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GOVERNMENTAL FUNDS REVENUE The following table presents the per capita revenue of the City's governmental funds for the past three years, along with state-wide averages. We have included the most recent comparative state-wide averages available from the Office of the State Auditor to provide a benchmark for interpreting the City's data. The amounts received from the typical major sources of governmental fund revenue will naturally vary between cities based on factors such as a city's stage of development, location, size and density of its population, property values, services it provides, and other attributes. It will also differ from year-to-year, due to the effect of inflation and changes in its operation. Also, certain data in these tables may be classified differently than how they appear in the City's financial statements in order to be more comparable to the state-wide information, particularly in separating capital expenditures from current expenditures. We have designed this section of our management report using per capita data in order to better identify unique or unusual trends and activities of the City. We intend for this type of comparative and trend information to complement, rather than duplicate, information in the MD&A. An inherent difficulty in presenting per capita information is the accuracy of the population count, which for most years is based on estimates. Governmental Funds Revenue per Capita With State -Wide Averages by Population Class State -Wide City of Arden Hills Year December 31, 2021 2021 2022 2023 Population 2,500-10,000 10,000-20,000 20,000-100,000 9,897 9,682 9,706 Property taxes $ 560 $ 529 $ 557 $ 433 $ 455 $ 472 Tax increments 38 36 49 40 35 4 Franchise and other taxes 52 66 53 10 10 9 Special assessments 59 41 56 67 45 37 Licenses and permits 45 46 53 76 86 49 Intergovernmental revenues 421 293 202 51 56 113 Charges for services 135 ill 110 46 49 35 Other (charges) 60 39 26 62 (5) 106 Total revenue $ 1,370 $ 1,161 $ 1,106 $ 785 $ 731 $ 825 The City's governmental funds revenue for 2023 was $8,007,697, an increase of $938,272 from the prior year. On a per capita basis, the City received $825 in governmental funds revenue for 2023, an increase of $94 from the prior year. The City's governmental funds have generated significantly less revenue per capita in total than other Minnesota cities in its population class. A city's stage of development, along with the way a city finances various capital projects, will impact the mix of revenue sources it receives. Property taxes increased as anticipated with the change in the adopted levy. A new state public safety grant increased the amount of intergovernmental revenues in the current year. The largest change in the table above was the increase in the "Other" category, which includes investment earnings. Shifts in interest rates between fiscal years has had a significant impact on the fair value on certain investments held by the City. Required fair value adjustments on investments was a significant factor in the increase in investment earnings compared to the prior year. There was less development activity in the current year accounting for the decrease in tax increments, licenses and permits, and charges for services. -7-