CITY OF NISSWA, MINNESOTA SUMMARY FINANC

Published May 03, 2023 at 1:20 AM

CITY OF NISSWA, MINNESOTA SUMMARY FINANCIAL REPORT The purpose of this report is to provide a summary of the financial information concerning the City of Nisswa to interested citizens. The complete financial statements may be examined at the City Hall, 5442 City Hall Street. Questions about this report should be directed to Jenny Max, City Administrator, at 218-963-4444. RECEIPTS AND DISBURSEMENTS FOR GENERAL OPERATIONS (GOVERNMENTAL FUNDS) Percent Increase Total 2022 Total 2021 (Decrease) RECEIPTS Taxes $2,799,238 $2,518,811 11.13% Tax Increment 5,576 11,447 -51.29% Licenses, Permits, and Fees 10,255 9,203 11.43% Intergovernmental 253,670 416,432 -39.08% Charges for Services 367,887 421,786 -12.78% Fines 25,579 23,979 6.67% Interest Income 31,865 22,353 42.55% Miscellaneous 113,069 194,136 -41.76% TOTAL RECEIPTS $3,607,139 $3,618,147 -0.30% Per Capita $1,833.83 $1,839.42 -0.30% DISBURSEMENTS Current: General Government 714,664 $729,500 -2.03% Public Safety 1,035,558 899,581 15.12% Public Works 772,756 599,743 28.85% Sanitation 45,019 38,276 17.62% Parks and Recreation 411,879 373,822 10.18% Economic Development 25,553 15,016 70.17% Cemetery 97,731 89,981 8.61% Capital Outlay 321,189 101,062 217.81% Debt Service: Principal 512,000 497,000 3.02% Interest and Other Charges 78,311 93,334 -16.10% TOTAL DISBURSEMENTS $4,014,660 $3,437,315 16.80% Per Capita $2,041.01 $1,747.49 16.80% Total Long-term Indebtedness $2,389,000 $2,901,000 -17.65% Per Capita $1,214.54 $1,474.83 -17.65% General Fund and Special Revenue Funds Committed, Assigned, and Unassigned Fund Balances - December 31 $5,392,783 $5,283,627 2.07% Per Capita $2,741.63 $2,686.13 2.07% CITY OF NISSWA, MINNESOTA STATEMENT OF NET POSITION PROPRIETARY FUNDS DECEMBER 31, 2022 Nonmajor Liquor Fund Sewer Fund Water Fund Totals ASSETS Current Assets Cash and Cash Equivalents $1,022,114 $1,629,084 $- $2,651,198 Accounts Receivable - 206,997 - 206,997 Inventory 583,052 - - 583,052 Total Current Assets 1,605,166 1,836,081 - 3,441,247 Noncurrent Assets Capital Assets Not Being Depreciated and Amortized - 706,546 - 706,546 Capital Assets Being Depreciated and Amortized (Net) 804,405 7,321,891 - 8,126,296 Total Noncurrent Assets 804,405 8,028,437 - 8,832,842 TOTAL ASSETS 2,409,571 9,864,518 - 12,274,089 DEFERRED OUTFLOWS OF RESOURCES Pensions 248,873 63,442 - 312,315 LIABILITIES Current Liabilities Accounts Payable 60,927 6,740 - 67,667 Salaries Payable 32,972 5,134 - 38,106 Due to Other Funds - - 34,799 34,799 Accrued Interest - 15,360 - 15,360 Debt Due Within One Year 88,975 249,000 - 337,975 Total Current Liabilities 182,874 276,234 34,799 493,907 Noncurrent Liabilities Compensated Absences Due After One Year 70,266 26,052 - 96,318 Debt Due After One Year 517,586 4,556,000 - 5,073,586 Net Pension Liability 703,351 181,070 - 884,421 Total Noncurrent Liabilities 1,291,203 4,763,122 - 6,054,325 TOTAL LIABILITIES 1,474,077 5,039,356 34,799 6,548,232 DEFERRED INFLOWS OF RESOURCES Pensions 9,346 2,406 - 11,752 NET POSITION Net Investment in Capital Assets 197,844 3,223,437 - 3,421,281 Unrestricted 977,177 1,662,761 (34,799) 2,605,139 TOTAL NET POSITION $1,175,021 $4,886,198 $(34,799) $6,026,420 _________ _________ _________ _________ CITY OF NISSWA, MINNESOTA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31, 2022 Nonmajor Liquor Fund Sewer Fund Water Fund Totals SALES AND COST OF SALES Sales $5,306,132 $- $- $5,306,132 Cost of Sales (3,509,556) - - (3,509,556) GROSS PROFIT 1,796,576 - - 1,796,576 OPERATING REVENUES Charges for Services - 729,996 - 729,996 TOTAL GROSS PROFIT AND OPERATING REVENUES 1,796,576 729,996 - 2,526,572 OPERATING EXPENSES Wages and Benefits 939,082 207,439 - 1,146,521 Materials and Supplies 159,373 129,659 - 289,032 Repairs and Maintenance 39,475 137,328 - 176,803 Professional Services - - 20,855 20,855 Insurance 25,854 - - 25,854 Miscellaneous 145,254 1,220 - 146,474 Depreciation and Amortization 123,880 332,122 - 456,002 TOTAL OPERATING EXPENSES 1,432,918 807,768 20,855 2,261,541 NET OPERATING INCOME (LOSS) 363,658 (77,772) (20,855) 265,031 NONOPERATING INCOME (EXPENSE) Connection Fees - 239,430 - 239,430 Investment Income - 2,919 - 2,919 Gain (Loss) on Sale of Assets - 31,000 - 31,000 Miscellaneous 3,134 - - 3,134 Interest and Other Charges (20,945) (56,473) - (77,418) TOTAL NONOPERATING INCOME (EXPENSE) (17,811) 216,876 - 199,065 CHANGE IN NET POSITION PRIOR TO TRANSFERS 345,847 139,104 (20,855) 464,096 TRANSFERS Operating Transfers Out (265,000) - - (265,000) CHANGE IN NET POSITION 80,847 139,104 (20,855) 199,096 NET POSITION - BEGINNING OF YEAR 1,094,174 4,747,094 (13,944) 5,827,324 NET POSITION - END OF YEAR $1,175,021 $4,886,198 $(34,799) $6,026,420 _________ _________ _________ _________ CITY OF NISSWA, MINNESOTA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31, 2022 Nonmajor Liquor Fund Sewer Fund Water Fund Totals CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers $5,306,132 $724,027 $- $6,030,159 Cash Paid to Suppliers (3,881,869) (263,803) (20,855) (4,166,527) Cash Paid to Employees (846,141) (167,004) - (1,013,145) NET CASH PROVIDED BY OPERATING ACTIVITIES 578,122 293,220 (20,855) 850,487 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Other Receipts from Customers 3,134 239,430 - 242,564 Net Operating Subsidies and Transfers from (to) Other Funds (265,000) - 20,855 (244,145) NET CASH PROVIDED (USED) BY NONCAPITAL FINANCING ACTIVITIES (261,866) 239,430 20,855 (1,581) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchases of Capital Assets (13,859) (163,374) - (177,233) Payments on Lease Liabilities (84,820) - - (84,820) Payments on Bond Principal - (243,979) - (243,979) Proceeds from Debt Issuance - 39,466 - 39,466 Cash Paid for Interest (20,945) (55,661) - (76,606) NET CASH PROVIDED (USED) BY CAPITAL AND (119,624) (423,548) - (543,172) RELATED FINANCING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Investment Income - 2,919 - 2,919 Net Change in Cash, Cash Equivalents, and Time Deposits 196,632 112,021 - 308,653 Cash, Cash Equivalents, and Time Deposits - Beginning of Year 825,482 1,517,063 - 2,342,545 Cash, Cash Equivalents, and Time Deposits - End of Year $1,022,114 $1,629,084 $- $2,651,198 (May 3, 2023) 219792