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CITY OF RAMSEY
<br />Statement of Revenue, Expenditures, and Changes in Fund Balances
<br />Governmental Funds
<br />Year Ended December 31, 2024
<br />Special Revenue Funds
<br />Formally
<br />Non -major
<br />Fund
<br />COR Developer's Private
<br />General Tax Increment Land Fees Developer
<br />Revenue
<br />Property taxes $ 14,751,073 $ 3,289,178 $
<br />Special assessments 26,103 —
<br />Licenses and permits 1,610,437 —
<br />Intergovernmental revenue 920,633 45,000
<br />Charges for services 1,227,700 —
<br />Contributions — 256,600 — 360,045
<br />Fines and forfeits 8,603
<br />Other revenue
<br />Investment earnings 340,304 551,843 80,406 74,246 —
<br />Miscellaneous 34,247 667,084 — 168,874 76,537
<br />Total revenue 18,919,100 4,809,705 80,406 603,165 76,537
<br />Expenditures
<br />Current
<br />General government 4,548,056 — — — 76,537
<br />Public safety 8,090,511 — — —
<br />Highways and streets 2,722,964 37
<br />Culture and recreation 1,831,463 —
<br />Economic development — 1,418,519
<br />Capital outlay 3,626,875 3,226,080 — 1,013,268
<br />Debt service
<br />Principal retirement — 300,000
<br />Interest and fiscal charges — 598,022
<br />Total expenditures 20,819,869 5,542,621 — 1,013,305 76,537
<br />Excess (deficiency) of revenue over expenditures (1,900,769) (732,916) 80,406 (410,140)
<br />Other financing sources (uses)
<br />Proceeds on sale of capital assets 94,090 — — —
<br />Transfers in 3,850,883 — 173,557 24,929
<br />Transfers (out) (985,746) (2,634,583)
<br />Total other financing sources (uses) 2,959,227 (2,634,583) 173,557 24,929
<br />Net change in fund balances 1,058,458 (3,367,499) 253,963 (385,211)
<br />Fund balances
<br />Beginning of year, as previously reported 12,265,915 6,730,012 8,343,303
<br />Change within financial reporting entity — — — 1,441,919
<br />Beginning of year, as restated 12,265,915 6,730,012 8,343,303 1,441,919
<br />End of year
<br />See notes to basic financial statements
<br />$ 13,324,373 $ 3,362,513 $ 8,597,266 $ 1,056,708 $ —
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