ANNUAL REPORT FOR CITY OF MILBANK AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022

ANNUAL REPORT FOR CITY OF MILBANK

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022

 

                                                                  GOVERNMENTAL FUNDS–MODIFIED CASH Basis

211 - Third Penny Total

General Tax 222 - Gift Governmental

Fund Fund Fund Funds

Beginning Balance 1,734,596.05 58,036.61 351,954.11 2,144,586.77

Revenues and Other Sources:

Taxes:

Property Taxes 951,876.44 951,876.44

General Sales and Use Taxes 3,416,593.23 143,689.06 3,560,282.29

Penalties and Interest on

  Delinquent Taxes 1,361.86 1,361.86

Licenses and Permits 78,266.86 78,266.86

Intergovernmental Revenues:

Federal Grants 34,824.75 34,824.75

State Grants 4,995.75 4,995.75

State Shared Revenue 163,173.81 163,173.81

County Shared Revenue 19,467.68 19,467.68

Other Intergovernmental Revenue (railroad) 7,500.00 7,500.00

Charges for Goods and Services:

General Government 4,218.60 4,218.60

Public Safety 5,690.74 5,690.74

Sanitation 111,604.72 111,604.72

Culture and Recreation 475,273.73 475,273.73

Cemetery 18,000.00 18,000.00

Fines and Forfeits:

Court Fines and Forfeits 72.80 72.80

Animal Control Fines 299.00 299.00

Other 979.83 979.83

Miscellaneous Revenue and Other Sources:

Investment Earnings 28,866.07 425.90 1,732.91 31,024.88

Rentals 13,965.19 13,965.19

Contributions and Donations from

  Private Sources 79,525.00 741,802.92 821,327.92

Other Revenues (cable & airport) 88,127.35 88,127.35

Compensation for Loss or Damage

  to Capital Assets 4,000.00 4,000.00

Long Term Debt Issued 5,928,500.40 50,000.00 5,978,500.40

Total Revenue and Other Sources 11,437,183.81 194,114.96 743,535.83 12,374,834.60

Expenditures and Other Uses:

Legislative 48,273.01 48,273.01

Elections 1,088.46 1,088.46

Financial Administration 392,627.75 392,627.75

Police 653,333.33 653,333.33

Fire 209,731.05 209,731.05

Highways and Streets 936,848.81 936,848.81

Sanitation 35,648.95 35,648.95

Airport 65,194.73 65,194.73

Recreation 1,163,094.12 1,163,094.12

Parks 3,095,794.02 3,095,794.02

Urban Redevelopment and Housing

  (TIF #3) 67,378.82 67,378.82

Economic Development and Assistance 141,328.56 141,328.56

Debt Service 515,292.54 515,292.54

Other Expenditures 360.11 360.11

Total Expenditures and Other Uses 7,184,305.59 141,328.56 360.11 7,325,994.26

 

Transfers In (Out) 474,796.67 (607,246.18) (132,449.51)

Increase/Decrease in Fund Balance 4,727,674.89 52,786.40 135,929.54 4,916,390.83

 

Ending Balance:

Restricted for promotion 110,823.01 487,883.65 598,706.66

Assigned (for infrastructure) 296,000.00 296,000.00

Unassigned 6,166,270.94 6,166.270.94

Total Ending Fund Balance 6,462,270.94 110,823.01 487,883.65 7,060,977.60

 

Governmental Long-Term Debt 7,580,000.00

 

                        PROPRIETARY FUNDS–MODIFIED CASH Basis

Water Fund Sewer Fund

Beginning Balance 963,754.27 648,873.99

Revenues 1,514,032.74 786,292.13

Expenses 590,006.43 610,306.58

Transfers In (Out) 277,449.51 (145,000.00)

 

Ending Balance:

Restricted for:

Revenue Bond Debt Service 394,952.49 0.00

Unrestricted 1,770,277.60 679,859.54

 

Enterprise Long-term Debt 1,335,230.15

 

The preceding financial data does not include fiduciary funds or component units. Information pertaining to those activities may be obtained by contacting the municipal finance officer at 432-9575.

 

Municipal funds are deposited as follows:

 

Depository Amount

First Bank & Trust (gift fund) 488,063.65

First Bank & Trust (savings/Intra Fi) 9,347,848.75

First Bank & Trust (checking) 5,000.00

First Bank & Trust (Unity) 5,000.00

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