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ii <br />Additional long-term debt in the amount of $8,496 is for capital leases, $1,491,250 is for contracts for deeds, $2,345,318 is ' <br />for notes payable, $1,591,374 is for compensated absences, and $130,675 is for other postemployment benefits obligations. <br />The City maintains a bond rating of AA+ from Standard & Poor's for general obligation debt. <br />State statutes limit the amount of general obligation debt a Minnesota city may issue to 3% of total Estimated Taxable <br />Market Value. The current debt limitation for the City of Elk River is $64,126,188. Only $16,876,673 of the City's net <br />outstanding debt is counted within the statutory limitation. <br />Additional information on the City of Elk River's long-term debt can be found in Note 3G on pages 51 - 55 of this report. <br />Economic Factors and Next Year's Budget <br />The City of Elk River estimates that the demand for city services will grow at a slower level as in prior years due to the <br />economic slowdown in building activity. This was taken into consideration in preparation of the City's 2011 budget. The <br />property tax levy is set annually and is adjusted as necessary to fund the cost of providing services to our citizens and <br />customers. Charges for services are evaluated each year and adjusted if warranted. The City expects to keep the tax rate <br />consistent in upcoming years. <br />Requests for Information <br />J <br />J <br /> <br /> <br /> <br />This financial report is designed to provide a general overview of the City of Elk River's finances for all those with an ' <br />interest in the City's finances. Questions concerning any of the information provided in this report or requests for <br />additional financial information should be addressed to City of Elk River, Attn: Finance Director, 13065 Orono Pkwy, Elk <br />River, Minnesota 55330 or by calling (763) 635-1000. <br /> <br />0 <br />0 <br />C <br />J <br /> <br /> <br /> <br /> <br />19 ' <br />