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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, 2011. 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 $201,229,732 (net
<br />assets). Of this amount, $48,954,711 (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 $669,054.
<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 $33,687,643.
<br />$ 6,297,612 $ 7,736,648 $ 1,835,699 $17,817,684 $ 33,687,643
<br />The City of Elk River's total long -term liabilities decreased $3,944,240 during the current fiscal year, from $44,903,260
<br />to $40,959,020.
<br />Governmental activities:
<br />Bonds payable
<br />Capital leases
<br />Contracts for deeds
<br />Compensated absences
<br />Net OPEB obligation
<br />Total governmental activities
<br />Business -type activities:
<br />Bonds payable
<br />Notes payable
<br />Compensated absences
<br />Net OPEB obligation
<br />Total business -type activities
<br />Total City Iong -term liabilities
<br />Beginning
<br />Balance Additions
<br />Ending
<br />Reductions Balance
<br />$ 26,266,651
<br />$ -
<br />Special
<br />Debt Capital
<br />8,496
<br />-
<br />General
<br />Revenue
<br />Service Peojects
<br />Total
<br />Nonspendable
<br />$ -
<br />$ 57,870
<br />$ - $ -
<br />$ 57,870
<br />Restricted
<br />20,390
<br />4,106,669
<br />1,835,699 -
<br />5,962,758
<br />Committed
<br />156,323
<br />2,712,645
<br />- -
<br />2,868,968
<br />Assigned
<br />859,508
<br />859,464
<br />- 18,877,331
<br />20,596,303
<br />Unassigned
<br />5,261,391
<br />-
<br />- (1,059,647)
<br />4,201,744
<br />$ 6,297,612 $ 7,736,648 $ 1,835,699 $17,817,684 $ 33,687,643
<br />The City of Elk River's total long -term liabilities decreased $3,944,240 during the current fiscal year, from $44,903,260
<br />to $40,959,020.
<br />Governmental activities:
<br />Bonds payable
<br />Capital leases
<br />Contracts for deeds
<br />Compensated absences
<br />Net OPEB obligation
<br />Total governmental activities
<br />Business -type activities:
<br />Bonds payable
<br />Notes payable
<br />Compensated absences
<br />Net OPEB obligation
<br />Total business -type activities
<br />Total City Iong -term liabilities
<br />Beginning
<br />Balance Additions
<br />Ending
<br />Reductions Balance
<br />$ 26,266,651
<br />$ -
<br />$ (2,512,088)
<br />$ 23,754,563
<br />8,496
<br />-
<br />(8,496)
<br />-
<br />1,491,250
<br />-
<br />(81,250)
<br />1,410,000
<br />1,198,485
<br />555,664
<br />(475,278)
<br />1,278,871
<br />91,502
<br />89,068
<br />(24,247)
<br />156,323
<br />29,056,384
<br />644,732
<br />(3,101,359)
<br />26,599,757
<br />13,069,496
<br />-
<br />(1,330,844)
<br />11,738,652
<br />2,345,318
<br />-
<br />(182,436)
<br />2,162,882
<br />392,889
<br />215,543
<br />(204,775)
<br />403,657
<br />39,173
<br />15,653
<br />(754)
<br />54,072
<br />15,846,876 231,196 (1,718,809) 14,359,263
<br />$ 44,903,260 $ 875,928 $ (4,820,168) $ 40,959,020
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