GENERAL FUND BUDGETARY HIGHLIGHTS
<br />Total General Fund revenues were $15,265 less than estimated in the budget. An increase in abatements
<br />and less tax collections than anticipated caused general property taxes to come in less than projected in
<br />the budget. Licenses and permits, along with charges for services, were under budget as development
<br />activity was less than anticipated in the current year. Improved investment earnings and conservative
<br />budgeting for this source nearly offset the negative variances in the previously mentioned sources.
<br />Conservative assumptions, active budget management, and open positions all contributed to expenditures
<br />coming in less than anticipated. Larger savings in areas of planning and zoning, street maintenance, and
<br />recreation all contributed to the spending variance in the current year.
<br />During the year, the City Council approved budget amendments, which increased expenditures by
<br />$60,990 and transfers out by $171,140, providing supplemental appropriations and moving available
<br />resources to other funds.
<br />CAPITAL ASSETS AND LONG-TERM LIABILITIES
<br />Capital Assets — The City's investment in capital assets for its governmental and business -type activities
<br />as of December 31, 2023 amounts to $48,801,343 (net of accumulated depreciation). This investment in
<br />capital assets includes items such as land, construction in progress, buildings and structures, infrastructure
<br />and improvements, distribution and collection systems, machinery and equipment, office furniture and
<br />equipment, and vehicles.
<br />Table 3
<br />Capital Assets
<br />(Net of Depreciation)
<br />Governmental Business -Type
<br />Activities Activities Total
<br />2023 2022 2023 2022 2023 2022
<br />Land
<br />$ 2,669,467
<br />$ 2,669,467
<br />$ —
<br />$ —
<br />$ 2,669,467
<br />$ 2,669,467
<br />Construction in progress
<br />1,624,492
<br />2,090,423
<br />614,676
<br />735,625
<br />2,239,168
<br />2,826,048
<br />Buildings and structures
<br />3,327,046
<br />3,564,010
<br />455,517
<br />497,060
<br />3,782,563
<br />4,061,070
<br />Infrastructure and improvements
<br />19,318,012
<br />18,697,408
<br />—
<br />—
<br />19,318,012
<br />18,697,408
<br />Distribution and collection systems
<br />—
<br />—
<br />19,204,518
<br />19,331,477
<br />19,204,518
<br />19,331,477
<br />Machinery and equipment
<br />319,016
<br />299,262
<br />251,734
<br />276,404
<br />570,750
<br />575,666
<br />Office furniture and equipment
<br />3,909
<br />8,857
<br />—
<br />—
<br />3,909
<br />8,857
<br />Vehicles
<br />1,012,956
<br />1,070,943
<br />—
<br />—
<br />1,012,956
<br />1,070,943
<br />Total
<br />$ 28,274,898
<br />$ 28,400,370
<br />$ 20,526,445
<br />$ 20,840,566
<br />$ 48,801,343
<br />$ 49,240,936
<br />Increases in the current year included ongoing projects for park improvements, pedestrian trails, streets,
<br />and related utility infrastructure contributing to the changes in the table above as of year-end.
<br />Additional information on the City's capital assets can be found in Note 4 of the notes to basic financial
<br />statements.
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