8.1. SR 06-04-2012 - Laserfiche WebLink

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growing and will not reach full development in the near future. The current population is approximately 22,982. Population at full build out is estimated to be 35,000. Urban services are available to about one - third of the land area in the City. The City of Elk River operates under a statutory form of government consisting of a four member City Council and a Mayor who is also a voting member. Council members are elected by ward to a four -year term with two Council seats up for election each even year. The Mayor is also elected to a four -year term. The City Council is responsible for adopting the City's budget and tax levy, passing resolutions and ordinances, all hiring and firing decisions, policy making, development and growth planning, and overall direction of the City. In addition to providing general government services, the City of Elk River provides a full range of other services including police and fire protection, building and other safety inspections, planning and zoning, economic development, environmental services, parks and recreation, library, street, snow removal, infrastructure maintenance and repair, and others. The City also provides municipal water, sewer, garbage, and electric services and operates two off -sale liquor stores. The annual budget serves as the foundation for the City of Elk River's financial planning and control. Budget requests are submitted by all departments to the Finance Department each May. The Finance Department compiles these requests into a proposed budget. The Finance Department and City Administrator review the information and present a draft budget to the Council in July for consideration. Following Council discussion and public input, the final tax levy and budget are approved in December. The City's Financial Management Plan allows department heads to make administrative budget amendments (excluding personal service and capital outlay) throughout the year as long as the total department budget does not change and the amendment is approved by the City Administrator and Finance Director. The Council approves additional budget amendments in December of each year. Budget to actual comparisons are provided in this report for each individual governmental fund for which an appropriated annual budget has been adopted. For the general fund this comparison is presented on page 27 as part of the basic financial statements for the governmental funds. For other governmental funds with appropriated annual budgets this comparison is presented in the governmental fund subsection of this report. Local economy The local economy has showed some evidence of growth by the increase in building permits with a construction value of $8,222,386 being issued in 2011. This is a 45 percent decrease from 2010. New additions and remodels accounted for $5,958,375 of new value, and an additional $2,264,011 in residential construction make up the balance. The number of new housing units declined from 15 in 2010 to 11 in 2011. The average value of new homes decreased to $205,819. Single family homes accounted for all 11 of the new housing units in 2011. Many of Elk River's largest employers reported stable or growing employment levels between 2011 and 2012. This is largely due to the diversified economic base. Elk River experienced very few incidental layoffs among its larger employers and has been working with a few manufacturers to assist in managing their growth which may lead to a couple of expansions. The companies experiencing the most employment growth were in the industrial sector. Despite the downturn in the national economy, the City saw a number of private investments including a significant reinvestment in Elk Park Center with the Ashley Furniture, Furniture Mart and JoAnn Fabrics locating in the space previously occupied by Target. Pizza Ranch opened its doors after revitalizing the building previously occupied by a video rental business.