Financial Information
at a Glance
Information on funding sources, revenues, expenditure trends and financial statements.
County Revenues and Expenses
Total governmental revenues $1,026,630,734
Total governmental expenditures $990,405,869
- Intergovernmental: Funding from federal, state, city and other government jurisdictions.
- Miscellaneous: Investment earnings and gain on disposition of fixed assets.
- Fees and charges: Amounts paid for services provided by the county that are paid by the user (including residents, businesses and other government entities) of those services.
Revenue trends
Property taxes are the primary funding source for the county’s budget, typically providing about half of the county’s revenue. Taxes are determined based on property value and the levies of all jurisdictions where a property is located. The increase in state and federal funds is due to grants and funding for Ramsey County's COVID-19 response.
Expenditure trends
Total expenditures decreased by 1,352,301 or less than 1% compared to 2020.
Net bonded debt per capita
The county board refinanced existing debt to take advantage of historically low interest rates. This has resulted in manageable debt levels for the county despite an active capital improvement program to replace and rehabilitate aging facilities and public infrastructure.
Debt ratios have remained in the low to moderate benchmark set by the credit rating agencies for AAA counties.
Statement of Net Position
The Statement of Net Position presents financial information on all of the county's capital and current assets, minus the current liabilities and long-term debt. The resulting amount is stated as "net position."
Assets and liabilities
Total assets increased 20.2% over the past five years, primarily due to the increase in current assets. Total liabilities increased 29.6% over the past five years, due largely to change in disclosure policies related to pension liabilities and other post-employment benefits.
Net position may be restated year to year due to the required implementation of Governmental Accounting Standards Board standards. For more information, please see the 2021 Comprehensive Annual Financial Report.
- Fund: A group of related accounts used to maintain control over resources that have been segregated for specific activities or objectives.
- Assets: What the county owns, including current and other cash, investments and receivables.
- Liabilities: What the county owes, including payments due to vendors or employees.
- Fund balance: The excess of the assets of a fund over liabilities and reserves.
- Capital assets: The county's land, building, equipment, improvements, infrastructure and construction in process, net of accumulated depreciation.
- Net position: The difference between assets and liabilities, of which may or may not be available for future spending.
- Net investment in capital assets: Represents the county's investment in its capital assets less accumulated depreciation and any outstanding debt attributable to the acquisition, construction or improvement of these assets.
- Unrestricted net position: Represents the difference between assets and liabilities not restricted for use.
Statement of Activities
The county’s total revenue has grown by 51.4%
in the last five years. Program expenses have increased 41.3% from
2017 to 2021, averaging an annual increase of 10.28% overall. This big jump in
revenues and expenses is due to the implementation of GASB 84. Program expenses
differ from the expenditures listed in the governmental funds due to the unique
nature of special service funds, such as debt service and capital projects,
which are listed in the governmental fund expenditures and not in the
statement of activities.
Net position may be restated year to year due to the required implementation of Governmental Accounting Standards Board standards. For more information, please see the 2020 Comprehensive Annual Financial Report.
- Program revenues: Revenues that are earned as a direct result of a given function. Program revenues are offset by program expenses.
- General revenues: Funds that the county received as income. Includes such items as property taxes, fees for services, intergovernmental revenues, fines, forfeitures, grants, revenue from sales and rentals and interest income.
- General obligation debt: Municipal debt that is secured by Ramsey County's pledge to use legally available resources, such as tax revenue, to repay bond holders. Debt is issued to provide funds for certain capital improvement projects and other major purchases.
Debt Management
Ramsey County has maintained the highest possible bond rating from both Standard and Poor's and Moody's since 2001. This has reduced interest costs on bonds sold to finance the county's capital projects.
Capital Assets
Capital assets include the county's land, building, equipment, improvements, infrastructure and construction in process, net of accumulated depreciation. Capital assets decreased 1.58% over the past five years, with buildings and improvements and infrastructure being the key drivers of the decrease.
- Buildings and improvements: Includes all buildings owned by the county, as well as cost of improvements to existing buildings.
- Improvements other than buildings: Includes golf courses, leasehold improvements and landscaping and trails.
- Equipment: Includes service vehicles, etc.
- Infrastructure: Includes roads, bridges, sidewalks and similar items.
- Construction in progress: Capital cost of projects still under construction.
