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G.O. Capital G.O. Capital
<br />Improvement Improvement
<br />Plan Bonds Plan Bonds Street
<br />General Series 2015A Series 2018A Improvements
<br />Revenue
<br />Taxes
<br />Property taxes 581,281$ 77,408$ 6,673$ –$
<br />Franchise fees 9,299 – – –
<br />Special assessments 828 – 58,576 35,378
<br />Intergovernmental 79,647 – – –
<br />Licenses and permits 24,208 – – –
<br />Fines and forfeitures 902 – – –
<br />Charges for services 5,329 – – –
<br />Investment earnings 11,146 3,848 2,613 18,240
<br />Facility rental 4,664 – – –
<br />Miscellaneous 610 – – 3,500
<br />Total revenue 717,914 81,256 67,862 57,118
<br />Expenditures
<br />Current
<br />General government 198,546 – – –
<br />Public safety 146,518 – – –
<br />Public works 47,128 – – –
<br />Conservation and development 71,894 – – –
<br />Capital outlay 33,273 – – 179,723
<br />Debt service
<br />Principal – 65,000 40,000 –
<br />Interest and fiscal charges – 12,427 21,609 –
<br />Total expenditures 497,359 77,427 61,609 179,723
<br />Excess (deficiency) of revenue
<br /> over expenditures 220,555 3,829 6,253 (122,605)
<br />Other financing sources (uses)
<br />Transfers in – – – 20,000
<br />Transfers (out)(20,000) – – –
<br />Total other financing sources (uses)(20,000) – – 20,000
<br />Net change in fund balances 200,555 3,829 6,253 (102,605)
<br />Fund balances
<br />Beginning of year 310,856 134,802 101,772 352,691
<br />End of year 511,411$ 138,631$ 108,025$ 250,086$
<br />CITY OF GEM LAKE
<br />Statement of Revenue, Expenditures, and Changes in Fund Balances
<br />Governmental Funds
<br />Year Ended December 31, 2023
<br />See notes to basic financial statements -11-
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