CCP 06202022 - Laserfiche WebLink

Home

C ITY OF R OSEVILLE,M INNESOTA M ANAGEMENT’S D ISCUSSION AND A NALYSIS For Year Ended December 31, 2021 F INANCIAL A NALYSIS OF THE G OVERNMENT’S F UNDS Governmental Funds The focus of the City of Roseville’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City of Roseville’s financing requirements. In particular, unrestricted fund balance may serve as useful measure of a government’s net resources available for spending at the end of the fiscal year. At the end of the current fiscal year, the City of Roseville's governmental funds reported combined ending fund balances of $46,092,615. Approximately 71.7% of this total amount $33,044,890 constitutes unrestricted fund balance. The remainder of the fund balance is restricted to indicate that it is not available for new spending because it is legally restricted for; 1) various operating purposes - $6,031,720, 2) for tax increment financing activities - $3,733,220, 3) debt service - $2,383,400 and 4) housing and economic development - $899,385. The General Fund increased $1,194,211 due to planned increases in property tax revenues of 4.7%. The Recreation Fund increased by $310,011, due mainly to increased program charges for services as the participation rebounded from the pandemic in 2020. The Community Development fund increased by $287,549 due to license and permits revenue activity that was higher than anticipated.in 2021. The increased revenue can be attributed to some development projects of multi-unit housing developments in 2021 as well as home remodeling projects. The Debt Service Fund decreased by $5,049,366 largely due to the refunding of the City’s 2011A series general obligation bonds in 2021, with proceeds from a 2020 bond issue. The Revolving Improvements Fund increased by $151,221 mainly due to some capital asset expenditures delayed until 2022 due to supply chain issues. The Economic Increments Construction Fund accounts for the activities in the City’s Tax Increment Financing (TIF) Districts. The Fund’s balance increased by $369,266 due to receipt of new district tax increment received in 2021 but not scheduled to be expended until 2022. The Street Construction Fund decreased by $432,421 mainly due to planned use of reserves for capital projects in 2021. Proprietary Funds The City of Roseville’s proprietary funds provide the same type of information found in the government- wide financial statements, but in more detail. The Sanitary Sewer fund net position increased by $1,860,353 in 2021. This was a result of an increase in sanitary sewer services used in 2021 and an increase in the rates charged. The Water fund net position decreased by $160,211, which was a result of increased repairs and maintenance costs for water main breaks. The Golf fund net position decreased by $47,353 in 2021. This fund historically has not covered depreciation costs, but increased usage fees covered half of the depreciation expense in 2021. As a comparison, in 2020 the net position decreased by $116,838. The Storm Drainage fund net position increased by $2,250,135 in 2021. This was a result of an increase in the rates charged in 2021 and a reduction in maintenance costs in 2021. 24