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Total expenditures of the governmental funds for all cities in 2011 decreased by 4% from 2010.
(Published Mar 11, 2013)
Last week, the Minnesota State Auditor released the 2011 Minnesota Cities Finance Report. The report includes information on the financial operations of the 852 Minnesota cities that provided their financial information to the Office of the State Auditor for calendar year 2011. The report also provides insight into the financial challenges faced by cities during the most recent five year period.
According to the report, total revenues of the governmental funds for all Minnesota cities totaled $4.69 billion in 2011, which represents an increase of 0.6 percent over 2010 revenues. For cities over 2,500 population, total revenues increased just 0.4 percent while the total revenues of cities under 2,500 in population increased 3 percent.
Total expenditures of the governmental funds for all cities totaled $5.18 billion in 2011. This represents a decrease of 4 percent from 2010. Total expenditures of cities over 2,500 in population decreased 4 percent, while total expenditures for cities under 2,500 in population increased 2 percent.
Over the past five years, the effects of the Great Recession are reflected in revenue and expenditure trends for cities. In total, city revenues for the five year period were essentially flat rising from $4.689 billion in 2007 to $4.691 billion n 2011, which is an increase of just 0.03%
Total intergovernmental revenues, which include Local Government Aid and the market value homestead credit reimbursement declined from $1.236 billion in 2007 to $1.191 in 2011 which is a decline of -3.66 percent. At the same time, property tax revenues, excluding dedicated tax increment revenues increased from $1.515 billion to $1.797 billion, which is an increase of 18.59 percent.
On the expenditure side, total city expenditures, including current expenditures and capital expenditures actually declined from $5.317 billion to $5.185, or by -2.48 percent. Current expenditures actually increased from $3.052 billion to $3.278 billion, or an increase of 7.41 percent. Capital expenditures decreased from $1.412 billion to $1.074 billion, which is a reduction of -23.89 percent.
Questions? Contact Gary N. Carlson at (651) 281-1255 or firstname.lastname@example.org
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