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CITY OF GEM LAKE, MINNESOTA
<br />STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
<br />GOVERNMENTAL FUNDS
<br />YEAR ENDED DECEMBER 31, 2019
<br />(WITH SUMMARIZED FINANCIAL INFORMATION FOR YEAR ENDED DECEMBER 31, 2018)
<br />
<br />See accompanying Notes to Basic Financial Statements.
<br />(8)
<br />
<br />G.O. Capital G.O. Capital 2019
<br />Improvement Improvement Hoffman Schueneman Street Parks and Total
<br />General Plan Bonds Plan Bonds Road Road Improvements Playground Governmental 2018
<br />Fund Series 2007A Series 2018A Fund Fund Fund Fund Funds Totals
<br />REVENUES
<br />Taxes 370,729$ 73,120$ 582$ -$ -$ -$ -$ 444,431$ 465,702$
<br />Special Assessments 385 - 71,978 50,999 - - - 123,362 93,624
<br />Intergovernmental 16,759 - - - - - - 16,759 15,187
<br />Licenses and Permits 96,742 - - - - - - 96,742 50,362
<br />Fines and Forfeits 1,769 - - - - - - 1,769 1,145
<br />Public Charges for Services 21,817 - - - - - - 21,817 48,650
<br />Miscellaneous:
<br />Earnings (Loss) on Investments 11,698 2,090 (386) (2,782) 1,012 5,654 809 18,095 2,348
<br />Other 6,737 - - - - - - 6,737 21,107
<br />Total Revenues 526,636 75,210 72,174 48,217 1,012 5,654 809 729,712 698,125
<br />EXPENDITURES
<br />Current:
<br />General Government 151,038 - - - - - - 151,038 148,709
<br />Public Safety 85,725 - - - - - - 85,725 80,122
<br />Public Works 54,687 - - - - - - 54,687 71,983
<br />Conservation and Development 79,091 - - - - - 17,720 96,811 139,529
<br />Capital Outlay 5,493 - - - 58,890 - - 64,383 541,567
<br />Debt Service:
<br />Principal - 65,000 - - - - - 65,000 60,000
<br />Interest and Fiscal Charges - 16,252 25,580 - - - - 41,832 71,987
<br />Total Expenditures 376,034 81,252 25,580 - 58,890 - 17,720 559,476 1,113,897
<br />EXCESS OF REVENUES OVER
<br /> (UNDER) EXPENDITURES 150,602 (6,042) 46,594 48,217 (57,878) 5,654 (16,911) 170,236 (415,772)
<br />OTHER FINANCING SOURCES (USES)
<br />Transfers In - - - - - 20,000 30,250 50,250 81,024
<br />Transfers Out (50,250) - - - - - - (50,250) (81,024)
<br />Issuance of Bonds - - - - - - - - 660,000
<br />Bond Premium - - - - - - - - 19,227
<br />Total Other Financing Sources (Uses)(50,250) - - - - 20,000 30,250 - 660,000
<br />NET CHANGE IN FUND BALANCES 100,352 (6,042) 46,594 48,217 (57,878) 25,654 13,339 170,236 264,085
<br />Fund Balances - Beginning of Year 394,915 130,944 12,631 (280,235) 55,668 216,634 31,978 562,535 298,450
<br />FUND BALANCES - END OF YEAR 495,267$ 124,902$ 59,225$ (232,018)$ (2,210)$ 242,288$ 45,317$ 732,771$ 562,535$
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