Finance staff: Lakeville's 2024 results show higher-than-budget revenue and healthy fund balances; auditors report no findings

City finance staff presented a high-level review of the 2024 financial statements and audit status, reporting generally positive fund balances and no auditor findings to date.

Staff said general fund revenues were roughly $1.1 million over budget, including approximately $250,000 in interest income and about $800,000 in development-related licenses and service charges. Public-safety expenditures exceeded budget (roughly $175,000 over), but staff said increased related revenues nearly offset that variance. The general fund's ending unrestricted balance was reported relative to 2025 projected expenditures and staff noted a planned transfer related to a future fire station land purchase.

Enterprise funds reflected seasonal and grant timing differences (2024 grant receipts were lower than 2023 in part due to timing), and capital projects included one-time transfers and capital asset activity tied to meter inventories and other system work. Staff said auditors had no findings against the city and that staff is working on required filings and any extension requests with statewide audit offices.

No formal action was required; council members thanked staff for the update.