The Minnesota State Auditor’s Office recently released its report on 2017 city finances.
The Minnesota State Auditor’s Office recently released its report on 2017 city finances. The report summarizes the financial operations of 846 Minnesota cities for calendar year 2017.
State Auditor Rebecca Otto said: “The annual city finance report provides for transparency of city finances. The report also provides analysis on long-term financial Minnesota, which may be helpful for policymakers at the capitol.”
According to the report, for the year ended December 31, 2017, the City of Montevideo had total revenues of $18,507,817. A breakdown of that amount showed that $2,405,732 were collected in taxes, $206,333 were collected in special assessments, and $16,342 were collected from licenses and permits.
The total revenue amount also included Intergovernmental Revenues: $13,777 in Federal Grants; $3,463,211 in State Grants; and $39,747 in Local Grants.
The city also received $451,296 from charges for services, $35,043 in fines and forfeits, $13,054 from interest earned, and $150,132 from other revenues.
The report also shows that the city borrowed $718,837, and received $33,367 from other financing resources.
The city transferred in $150,000 for Enterprise Funds and $810,946 in Governmental Funds.
Expenditures for the City of Montevideo in 2017 totaled $8,773,591.
Current expenditures for 2017 include $794,128 for General Government, $1,417,705 for Public Safety, $755,180 for Streets and Highways, $709,324 for Culture and Recreation, $207,123 for Housing and Economic Development, and $143,702 in other expenditures. The total for 2017 Current Expenditures was $4,027,162.
Total capital outlay for the city in 2017 was $2,783,915. Debt service includes principal payments of $890,575, and interest payments of $190,493.
Transfers out for 2017 included $70,500 from Enterprise Funds, and $810,946 from Governmental Funds.
Capital outlay for the city in 2017 included $398,256 for General Government, $100,912 for Public Safety, $2,190,894 for Streets and Highways, $80,943 for Culture and Recreation, and $12,910 for the airport for a total of $2,783,915.
Total Outstanding Indebtedness for 2017 included the following: $2,750,000 in General Obligation Bonds; $5,207,588 in Special Assessment; and $2,482,412 in G.O. Revenue. Total bonded indebtedness came to $10,440,000.
The city also had $1,455,000 in refunding, and other long-term indebtedness of $8,049,000.
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