The Maple Grove City Council, Monday, May 21, accepted its 2011 Comprehensive Annual Financial Report, its audit.
Maple Grove Finance Director Jim Knutson said that "2011 was a very positive year financially and the financial standing of the city continues to be good."
The city’s general fund saw total revenues of $34.3 million in 2011, which is 2.9 percent over budget. This caused the city’s fund balance to increase by $181,814 in 2011. Knutson said the city has a number of other funds that have reserves that are designated for the replacement of general fund assets.
In regards to the city’s special revenue funds – including the transit and senior citizen housing funds – there were some differences. The expenditures exceeded revenues in the transit fund by $740,527 in 2011. This was because the Metropolitan Council cut transit funding in response to the 2011 special legislative session.
Revenues exceeded expenditures by $123,604 in 2011 in the senior citizen housing fund.
The debt service funds "continues to be very strong financially," according to Knutson. He said the amount of delinquent special assessments continues to be a very low number for a city that has the amount of development Maple Grove has had in the last 15 years.
Activity in the capital project funds decreased from $32.3 million in 2010 to $24.6 million in 2011.
The city’s enterprise funds, water and sewer, had operating revenues exceeding operating expenses in 2011.
The equipment replacement and employee benefits funds are in good shape according to Knutson.
Knutson said the city continues to plan for its future development.
The 2011 audit is available in the city’s website at maple-grove.mn.us.
- Compiled by Alicia Miller