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<br />' Key elements of this increase are as follows:
<br /> City of Elk River Changes in Net Assets
<br />' Governmental Business-type
<br /> Activities Activities Total
<br /> 2009 2008 2009 2008 2009 2008
<br /> Revenues:
<br /> Program revenues:
<br />' Charges for services $ 2,150,803 $ 2,643,916 $ 35,270,716 $ 33,966,545 $ 37,421,519 $ 36,610,461
<br /> Operating grants and contributions 758,958 977,411 92,957 149,327 851,915 1,126,738
<br /> Capital grants and contributions 2,599,593 4,302,760 267,233 888,925 2,866,826 5,191,685
<br /> General revenues:
<br />' Property taxes 12,521,133 12,136,707 12,521,133 12,136,707
<br /> Other taxes 156,894 - - - 156,894 -
<br /> Grants and contributions not
<br /> restricted to specific programs 1,940,274 1,775,536 - - 1,940,274 1,775,536
<br />' Unrestricted investmenteamings 548,651 1,215,053 367,883 534,485 916,534 1,749,538
<br /> Gain on disposal of capital assets 20,013 - - 2,000 20,013 2,000
<br /> Total revenues 20,696,3]9 23,051,383 35,998,789 35,541,282 56,695,108 58,592,665
<br />' Expenses:
<br /> General government 2,777,568 3,286,350 - - 2,777,568 3,286,350
<br /> Public safety 6,106,181 6,715,607 - - 6,106,181 6,715,607
<br /> Public works 5,397,058 5,875,992 - - 5,397,058 5,875,992
<br />' Culture and recreation 3,767,312 3,549,637 3,767,312 3,549,637
<br /> Economic development 1,569,432 1,893,707 1,569,432 1,893,707
<br /> Interest on long-term debt 1,252,493 1,315,275 - - 1,252,493 1,315,275
<br /> Municipal liquor - 5,374,867 5,465,233 5,374,867 5,465,233
<br />' Garbage = 1,256,177 1,166,709 1,256,177 1,166,709
<br /> Sewer 1,784,428 1,851,655 1,784,428 1,851,655
<br /> Water - - 2,348,707 2,452,717 2,348,707 2,452,717
<br /> Electric
<br />Total expenses -
<br />20,870,044 -
<br />22,636,568 23,269,553
<br />34,033,732 21,939,223
<br />32,875,537 23,269,553
<br />54,903,776 21,939,223
<br />55,512,105
<br /> Increase (decrease)in net
<br /> assets before transfers
<br />Transfers (173,725)
<br />1
<br />045
<br />002 414,8]5
<br />1
<br />050
<br />301 1,965,057
<br />1
<br />045
<br />002 2,665,745
<br />1
<br />050
<br />301 1,791,332 3,080,560
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<br /> Change in net assets 871,277 1,465,116 920,055 1,615,444 1,791,332 3,080,560
<br />'
<br /> Net assets -beginning 118,589,474 117,124,358 79,446,474 77,948,007 198,035,948 195,072,365
<br /> Prior period adjustment - - - (116,977) - (116,977)
<br /> Net assets - beginning, as restated 118,589,474 117,124,358 79,446,474 77,831,030 198,035,948 194,955,388
<br />' Net assets -endin $ ] 19
<br />460
<br />751 $ 118
<br />589
<br />474 $ 80
<br />366
<br />529 $ 79
<br />446
<br />474 $ 199
<br />827
<br />280 $ 198
<br />035
<br />948
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<br />' • A decrease in building and development related revenues due to the economic environment accounts primarily
<br />for the decrease in charges for services.
<br />• Capital grants and contributions decreased due to a $2,000,000 county grant received in 2008 to help fund the
<br />' YMCA construction.
<br />• Property tax collections increased $384,426 due to an increase in the property tax levy for 2009.
<br />• For the first time in 2009, the cable commission remitted cable franchise taxes to the City.
<br />' • Investment income decreased $666,402 due to market rate conditions.
<br />• For the most part, decreases in expenses were due to budgetary reductions and sound fiscal control by city
<br />departments.
<br />1
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<br />' 14
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