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The city of Pipestone spent $189,209 from its general fund balance in fiscal year 2022, bringing the fund balance to $1,254,727.
That information was part of the city’s annual audit report that was presented by Matt Taubert with Meulebroeck, Taubert & Co. during a special city council meeting on Sept. 26. Taubert said the city received an unqualified opinion on its audit report, “which is exactly what you’re shooting for. It’s the highest opinion we can render on your financial statements.”
According to the audit report, general fund revenue totaled $2,836,034. Of that, $1,563,989 came from intergovernmental funding sources such as Local Government Aid from the state. Another $909,164 came from taxes and special assessments, and $205,376 came from charges for services. Other revenue came from licenses and permits, forfeits and fines, and other miscellaneous sources.
General fund expenditures totaled $3,116,433. The largest share of expenditure was $1,897,898 for public safety. General government accounted for the next largest share of expenses at $712,439, followed by economic development at $26,285. Other spending was for the senior center and other miscellaneous expenditures.
General fund revenue and expenditures left a deficit of $280,399. Other financing sources and uses added $91,190 in revenue, leaving the deficit of $189,209 and reducing the general fund balance to $1,254,727.
The biggest factor contributing to the general fund deficit was $591,987 more than budgeted spent on public safety. Taubert said that was due to the purchase of a new fire truck that was not budgeted.
Taubert said the city’s policy calls for it to have a fund balance equal to five months of expenditures and the general fund balance is equal to 5.4 months of expenditures.
The city has several other funds in addition to the general fund. Among them are special revenue funds that are set up for specific purposes. Those funds and their year end results are as follows:
•The recreation fund had revenue of $1,029,298 and expenditures of $951,684, leaving a surplus of $77,614. Other financing sources and uses added $38,936 in revenue, leaving a surplus of $116,550 and increasing the fund balance to $775,928.
•The street fund had revenue of $807,054 and expenditures of $695,100, leaving a surplus of $111,954. Other financing sources and uses added $93,000 in expenditures, leaving a surplus of $18,954 and increasing the fund balance to $268,980.
•The capital equipment fund had $32,859 in revenue and $638,362 in expenditures, leaving a deficit of $605,503. Other financing sources and uses added $321,172 in revenue, leaving a $284,331 deficit and reducing the fund balance to $1,232,026.
•The economic development revolving fund had revenue of $2,542 and expenditures of $274,788, leaving a deficit of $272,246. Other financing sources and uses added $231,590 in revenue, leaving a $40,656 deficit and decreasing the fund balance to $248,514.
•The airport fund had revenue of $246,753 and expenditures of $187,320, leaving a surplus of $59,433 and increasing the fund balance to $361,095.
•The storm sewer revolving fund had $152,434 in revenue and $181,125 in expenditures, leaving a $28,691 deficit. Other financing sources and uses added $44,142 in revenue, leaving a surplus of $15,451 and increasing the fund balance to $220,289.
•The municipal building fund had revenue of $79,169 and expenditures of $78,223, leaving a surplus of $946. Other finance sources and uses added $11,500 in expenditures, leaving a deficit of $10,554 and reducing the fund balance to $30,569.
•The cable access fund had revenue of $47,398 and expenditures of $47,807, leaving a deficit of $409 and decreasing the fund balance to $52,713.
•The cemetery fund had revenue of $41,632 and expenditures of $29,248. Other financing sources and uses added $22,551 in expenses, leaving a deficit of $10,167 and decreasing the fund balance to $194,322.
•The farmers market fund had revenue of $4,716 and expenditures of $8,069, leaving a deficit of $3,353 and decreasing the fund balance to $685.
•The small cities development program grant project fund had revenue of $11 and no expenditures, leaving an $11 surplus and increasing the fund balance to $18,286.
The city also has debt service funds that are used to take in special assessments and levies to pay off bonds for projects such as street improvements. The balance of each project fund should equal zero when the debt is paid off. The debt service funds collectively had revenue of $1,299,611 and expenditures of $1,173,325, leaving a surplus of $126,286. Other funding sources and uses added $99,772 in revenue leaving a surplus of $226,058 and increasing the fund balance to $1,892,902.
The city also has capital project funds that are used on a temporary basis for street improvement projects. The capital funds collectively had no revenue and $2,801,606 in expenditures, leaving a deficit of $2,801,606. Other financing sources and uses added $2,886,059 in revenue, leaving a surplus of $84,453 and increasing the fund balance to $156,148.
The city also has enterprise funds that are operated similar to businesses and should support themselves. The funds and their results for the year are as follows:
•The liquor store fund had revenue of $1,909,041 and expenditures of $1,737,823, leaving a surplus of $171,218. Non-operating revenue and expenses added $189,675 in expenses, leaving a deficit of $18,457 and reducing the fund balance to $1,277,148.
•The water fund had revenue of $1,597,014 and expenditures of $1,666,704, leaving a deficit of $69,690. Other non-operating revenues and expenses added $1,454,626 in revenue, leaving a surplus of $1,384,936 and increasing the fund balance to $13,722,264.
•The sewer fund had revenue of $1,204,492 and expenditures of $1,173,558, leaving a surplus of $30,934. Other non-operating revenue and expenses added $122,069 in expenditures, leaving a deficit of $91,135 and reducing the fund balance to $6,493,766.
•The garbage fund had revenue of $496,392 and expenditures of $429,402, leaving a surplus of $66,990. Non-operating revenue and expenses added $47,050 in expenses, leaving a surplus of $19,940 and increasing the fund balance to $848,312.
The city also has an internal service fund to account for data processing service charges paid by other city funds. That fund had revenue of $36,500 and expenses of $40,213, leaving a deficit of $3,713. Non-operating revenue and expenses added revenue of $9,738, leaving a surplus of $6,025 and increasing the fund balance to $33,828.
