2023 Management Letter - Laserfiche WebLink

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-7- GOVERNMENTAL FUNDS REVENUE AND EXPENDITURES 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. An inherent difficulty in presenting per capita information is the accuracy of the population count, which for most years is based on estimates. State-Wide Year 2021 2021 2022 2023 Population 2,000–2,500 534 530 530 Property taxes 581$ 1,002$ 1,032$ 1,255$ Tax increments 26 – – – Franchise and other taxes 30 16 37 18 Special assessments 58 201 188 179 Licenses and permits 36 51 66 46 Intergovernmental revenues 456 91 35 150 Charges for services 172 4 7 10 Other 84 13 (7) 91 Total revenue 1,443$ 1,378$ 1,358$ 1,749$ City of Gem Lake Governmental Funds Revenue per Capita With State-Wide Averages by Population Class The City’s governmental funds revenue for 2023 were $926,817, an increase of $206,644 (28.7 percent), or $391 per capita, from the prior year. The largest changes in the table above occurred in intergovernmental revenues and property taxes. Intergovernmental revenues increased $115 per capita from the prior year, due to the City spending federal COVID-19-related fiscal recovery funds, along with receiving new public safety state aid in the current year. Property taxes increased $223 per capita from the prior year, due to an increase in the tax levy.