North Mankato financial report shows increase in revenue

North Mankato financial report shows increase in revenue
The City of North Mankato's 2018 Comprehensive Annual Financial Report shows the city has been active improving and maintaining quality of life. (Source: Alison Durheim)

NORTH MANKATO, Minn. (KEYC) - The City of North Mankato’s 2018 Comprehensive Annual Financial Report shows the city has been active improving and maintaining quality of life.

The annual report is a required state statute. Outside accounting firms oversee the process.

The accounting firms checked North Mankato’s finance records over the last 12 months, finding that the city’s net position increased to $2.7 million, which is the total of all assets a city has.

“Well, overall the revenues, we’re up a million dollars and that relates to the increased activity at Caswell with all the sporting events and then just our building permit activity has seen a big increase, so construction is still strong in the community so we’re definitely getting revenues there,” said City of North Mankato’s Finance Director Kevin McCann.

The city’s expenditures were over budget by around $600,000, but revenues increased by a larger amount for the year.

Copyright 2019 KEYC. All rights reserved.