ANNUAL REPORT FOR CITY OF MILBANK AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2020

ANNUAL REPORT FOR CITY OF MILBANK
AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2020
 
                                                                  GOVERNMENTAL FUNDS-MODIFIED CASH Basis
General Third Penny Total
Fund Sales Tax Fund Governmental Funds
Beginning Balance 1,040,382.96 82,699.45 1,123,082.41
 
Revenues and Other Sources:
  Taxes:
Property Taxes 826,936.26 826,936.26
General Sales and Use Taxes 2,816,690.16 113,449.84 2,930,140.00
Penalties and Interest on Delinquent Taxes      1,237.73 1,237.73
  Licenses and Permits 28,025.95 28,025.95
   Intergovernmental Revenues:
Federal Grants 323,387.97 323,387.97
State Grants 2,349.00 2,349.00
State Shared Revenue 159,664.72 159,664.72
County Shared Revenue 18,383.41 18,383.41
Other Intergovernmental Revenue 125,000.00 125,000.00
  Charges for Goods and Services:
General Government  2,976.08 2,976.08
Public Safety 3,282.00 3,282.00
Sanitation 60,319.97 60,319.97
Culture and Recreation 7,199.00 7,199.00
Cemetery 17,600.00 17,600.00
Other (Airport)  52,789.24  52,789.24
  Fines and Forfeits:
Court Fines and Forfeits 15.88 15.88
Animal Control Fines 501.67 501.67
Other 1,013.00 1,013.00
  Miscellaneous Revenue and Other Sources:
Investment Earnings 10,820.09 347.14 11,167.23
Rentals  1,550.00 1,550.00
Contributions and Donations
    from Private Sources 2,484.92 2,484.92
Other Revenues 32,624.64 32,624.64
Sale of Municipal Property 2,520.00 2,520.00
Compensation for Loss or Damage to
    Capital Assets 18,618.31 18,618.31
Total Revenue and Other Sources 4,515,990.00 113,796.98 4,629,786.98
 
Expenditures and Other Uses:
Legislative  45,341.01 45,341.01
Financial Administration 372,852.30 372,852.30
Police 567,301.60 567,301.60
Fire 174,709.53 174,709.53
Highways and Streets 1,209,089.36 1,209,089.36
Sanitation 41,344.64 41,344.64
Airport 286,547.04 286,547.04
Parks 708,968.84 708,968.84
Economic Development and Assistance 140,605.23 140,605.23
Debt Service 2,097,315.00 2,097,315.00
Total Expenditures and Other Uses 5,503,469.32 140,605.23 5,644,074.55
 
Transfers In (Out) 145,000.00 145,000.00
Special Item (bond refinance) 1,675,600.97 1,675,600.97
 
Increase/Decrease in Fund Balance 833,121.65 (26,808.25) 806,313.40
 
Ending Balance:  
Restricted 55,891.20 55,891.20
Unassigned 1,873,504.61 1,873,504.61
Total Ending Fund Balance 1,873,504.61 55,891.20 1,929,395.81      
 
Government Long-term Debt 1,675,000.00
 
                        PROPRIETARY FUNDS-MODIFIED CASH Basis
Water Fund Sewer Fund
Beginning Balance 698,150.38 388,581.42
Revenues 643,751.30 728,259.59
Expenses 509,581.46 536,235.85
Transfers In (Out) (145,000.00)
 
Ending Balance:
Restricted for:
Revenue Bond Debt Service 301,323.43 0.00
Unrestricted 530,996.79 435,605.16
 
Enterprise Long-term Debt 167,150.21
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 $3,339,828.86
First Bank & Trust $5,000.00
 
 

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Grant County Review

Grant County Review
P.O. Box 390
Milbank, SD 57252
(605) 432-4516

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