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<br />Management's Discussion and Analysis
<br />As management of the City of Elk River, we offer readers of the City's financial statements this narrative overview and
<br />analysis of the financial activities of the City for the fiscal year ended December 31, 2009. We encourage readers to
<br />consider the information presented here in conjunction with the additional information that we have furnished in our letter
<br />of transmittal, which can be found on pages 1 - 4 of this report.
<br />Financial Highlights
<br />The assets of the City of Elk River exceeded its liabilities at the close of the most recent fiscal year by $199,827,280 (net
<br />assets). Of this amount, $48,628,472 (unrestricted net assets) may be used to meet the City's ongoing obligations to
<br />citizens and creditors.
<br />The City's total net assets increased by $1,791,332.
<br />As of the close of the current fiscal year, the City of Elk River's governmental funds reported combined ending fund
<br />balances of $30,180,383.
<br />Special
<br />General Revenue
<br />Debt
<br />Service
<br />Capital
<br />Projects Total
<br />$ - $ 4,051,002
<br />5,699,575 8,310,831
<br />- (466,294)
<br />$ 2,484,203 $ - $ 6,535,205
<br />- 10,509,779 24,520,185
<br />- (408,713) (875,007)
<br />$ 5,699,575 $ 11,895,539 $ 2,484,203 $ 10,101,066 $ 30,180,383
<br />The City of Elk River's total long-termliabilities decreased $2,312,237 during the current fiscal year, from $53,302,636 to
<br />$50,990,399.
<br />Governmental activities:
<br />Bonds payable
<br />Capital leases
<br />Contracts for deeds
<br />Compensated absences
<br />Net OPEB obligation
<br />Total governmental activities
<br />Business-type activities:
<br />Bonds payable
<br />Notes payable
<br />Compensated absences
<br />Net OPEB obligation
<br />Total business-type activities
<br />Total City long-term liabilities
<br />Beginning Ending
<br />Balance Additions Reductions Balance
<br />$ 29,278,979 $ 2,074,311 $ (2,968,817) $ 28,384,473
<br />53,042 - (36,050) 16,992
<br />1,786,750 - (157,250) 1,629,500
<br />1,097,095 318,152 (351,435) 1,063,812
<br />88,295 3,324 - 91,619
<br />32,304,161 2,395,787 (3,513,552) 31,186,396
<br />
<br />17,910,000 - (1,000,000) 16,910,000
<br />2,701,994 - (177,348) 2,524,646
<br />367,191 139,660 (166,814) 340,037
<br />19,290 10,030 - 29,320
<br />
<br />20,998,475 149,690 (1,344,162) 19,804,003
<br />$ 53,302,636 $ 2,545,477 $ (4,857,714) $ 50,990,399
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