Agenda - Council - 06/25/2024 - Laserfiche WebLink

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GOVERNMENTAL FUND EXPENDITURES The expenditures of governmental funds will also vary from state-wide averages and from year-to-year, based on the City's circumstances. Expenditures are classified into three types as follows: • Current — These are typically the general operating type expenditures occurring on an annual basis, and are primarily funded by general sources, such as taxes and intergovernmental revenues. • Capital Outlay and Construction — These expenditures do not occur on a consistent basis, more typically fluctuating significantly from year-to-year. Many of these expenditures are project -oriented and are often funded by specific sources that have benefited from the expenditure, such as special assessment improvement projects. • Debt Service — Although the expenditures for debt service may be relatively consistent over the term of the respective debt, the funding source is the important factor. Some debt may be repaid through specific sources, such as special assessments or redevelopment funding, while other debt may be repaid with general property taxes. The City's expenditures per capita of its governmental funds for the past four years, together with comparative state-wide averages, are presented in the following table: Governmental Funds Expenditures per Capita With State -Wide Averages State -Wide City of Ramsey Year 2020 2021 2020 2021 2022 2023 Population 20,000-100,000 20,000-100,000 20,263 27,946 28,520 28,712 Current General government $ 118 $ 116 $ 178 $ 141 $ 142 $ 155 Public safety 320 327 219 230 239 258 Public works 112 112 76 77 88 193 Recreation 95 107 54 51 51 59 All other 104 77 18 77 38 59 749 739 545 576 558 724 Capital outlay and construction 331 317 272 573 240 462 Debt service Principal 91 110 148 69 67 87 Interest and fiscal 33 34 32 30 22 44 124 144 180 99 89 131 Total expenditures $ 1,204 $ 1,200 $ 997 $ 1,248 $ 887 $ 1,317 Total expenditures in the City's governmental funds for 2023 were $37,829,568, an increase of $12,478,839 (49.2 percent) from the prior year. On a per capita basis, the City expended a total of $1,317 in 2023, an increase of $430 from the previous year. Current spending was up with natural inflationary increases and with more expenditures in public works for street maintenance and repairs. Capital outlay reported the largest change in comparison to the prior year. Capital spending was up in the current year for street reconstruction projects, equipment purchases, and improvements completed in the City's Center of Ramsey (COR) development. Debt service was up $42 per capita as anticipated with approved debt financing plans and issue costs on new debt in the current year. -8-