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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 3 1, 2010. 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 $200,560,678 (net
<br />assets). Of this amount, $46,892,695 (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 $733,398.
<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 $31,514,713.
<br /> Special Debt Capital
<br /> General Revenue Service Projects Total
<br />Nonspendable $ - $ 93,080 $ - $ - $ 93,080
<br />Restricted - 4,878,438 2,057,675 - 6,936,] 13
<br />Committed 91,502 2,506,814 - - 2,598,316
<br />Assigned 727,443 228,589 - 16,755,472 17,7] 1,504
<br />Unassigned 5,187,520 - - (1,01],820) 4,175,700
<br /> $ 6,006,465 $ 7,706,921 $ 2,057,675 $15,743,652 $ 31,514,713
<br />The City of Elk River's total long-term liabilities decreased $6,087,139 during the current fiscal year, from $50,990,399 to
<br />$44,903,260.
<br />Governmental activities:
<br />' Bonds payable
<br />Capital leases
<br />Contracts for deeds
<br />' Compensated absences
<br />Net OPEB obligation
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<br />Total governmental activities
<br />Business-type activities:
<br />Bonds payable
<br />Notes payable
<br />Compensated absences
<br />Net OPEB obligation
<br />Total business-type activities
<br />Total City long-term liabilities
<br />Beginning Ending
<br />Balance Additions Reductions Balance
<br />$ 28,384,473 $ 5,975,584 $ (8,093,406) $ 26,266,651
<br />16,992 - (8,496) 8,496
<br />1,629,500 - (138,250) 1,491,250
<br />1,063,812 496,771 (362,098) 1,198,485
<br />91,619 - (117) 91,502
<br />31,186,396 6,472,355 (8,602,367) 29,056,384
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<br />16,910,000 1,210,637 (5,051,141) 13,069,496
<br />2,524,646 - (179,328) 2,345,3 ] 8
<br />340,037 293,482 (240,630) 392,889
<br />29,320 9,853 - 39,173
<br />19,804,003 1,513,972 (5,471,099) 15,846,876
<br />$ 50,990,399 $ 7,986,327 $(14,073,466) $44,903,260
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