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Key elements of the relevant changes are as follows:
<br />City of Elk River Changes in Net Assets
<br />Governmental
<br />Activities
<br />Business -type
<br />A ,f Mf;-
<br />Total
<br />Expenses:
<br />General government
<br />2011
<br />2010
<br />2011
<br />2010
<br />2011
<br />2010
<br />Revenues:
<br />6,238,611
<br />6,01 1,477
<br />-
<br />303,051
<br />6,238,611
<br />6,011,477
<br />Program revenues:
<br />5,720,759
<br />5,447,282
<br />(3,610,854)
<br />(958,389)
<br />5,720,759
<br />5,447,282
<br />Charges for services
<br />$ 2,466,517
<br />$ 2,300,004
<br />$39,522,248
<br />$37,521,502
<br />$ 41,988,765
<br />$ 39,821,506
<br />Operating grants and contributions
<br />954,831
<br />763,551
<br />38,550
<br />103,324
<br />993,381
<br />866,875
<br />Capital grants and contributions
<br />1,750,824
<br />1,318,660
<br />482,319
<br />397,989
<br />2,233,143
<br />1,716,649
<br />General revenues:
<br />-
<br />-
<br />5,366,971
<br />5,267,455
<br />5,366,971
<br />5,267,455
<br />Property taxes
<br />12,346,305
<br />12,325,851
<br />-
<br />-
<br />12,346,305
<br />12,325,851
<br />Other taxes
<br />83,748
<br />193,466
<br />2,132,911
<br />1,965,055
<br />83,748
<br />193,466
<br />Grants and contributions not
<br />2,120,810
<br />2,100,552
<br />2,120,810
<br />2,100,552
<br />restricted to specific programs
<br />1,702,334
<br />2,000,923
<br />-
<br />-
<br />1,702,334
<br />2,000,923
<br />Unrestricted investment earnings
<br />499,034
<br />359,733
<br />269,716
<br />220,602
<br />768,750
<br />580,335
<br />Gain on disposal of capital assets
<br />23,233
<br />61,308
<br />-
<br />-
<br />23,233
<br />61,308
<br />Total revenues
<br />19,826,826
<br />19,323,496
<br />40,312,833
<br />38,243,417
<br />60,1395659
<br />57,566,913
<br />Expenses:
<br />General government
<br />3,495,458
<br />3,028,102
<br />2,649,645
<br />2,123,325
<br />3,495,458
<br />3,028,102
<br />Public safety
<br />6,238,611
<br />6,01 1,477
<br />-
<br />303,051
<br />6,238,611
<br />6,011,477
<br />Public works
<br />5,720,759
<br />5,447,282
<br />(3,610,854)
<br />(958,389)
<br />5,720,759
<br />5,447,282
<br />Culture and recreation
<br />3,851,181
<br />3,702,671
<br />(961,209)
<br />1,467,987
<br />3,851,181
<br />3,702,671
<br />Economic development
<br />1,451,109
<br />1,438,742
<br />81,834,516
<br />80,366,529
<br />1,451,109
<br />1,438,742
<br />Interest on long -term debt
<br />1,050,299
<br />1,085,149
<br />$80,873,307
<br />$81,834,516
<br />1,050,299
<br />1,085,149
<br />Municipal liquor
<br />-
<br />-
<br />5,366,971
<br />5,267,455
<br />5,366,971
<br />5,267,455
<br />Garbage
<br />1,304,238
<br />1,331,514
<br />1,304,238
<br />1,331,514
<br />Sewer
<br />2,132,911
<br />1,965,055
<br />2,132,911
<br />1,965,055
<br />Water
<br />2,120,810
<br />2,100,552
<br />2,120,810
<br />2,100,552
<br />Electric
<br />26,738,258
<br />25,455,516
<br />26,738,258
<br />25,455,516
<br />Total expenses
<br />21,807,417
<br />20,713,423
<br />37,663,188
<br />36,120,092
<br />59,470,605
<br />56,833,515
<br />Increase (decrease) in net
<br />assets before transfers
<br />(1,980,591)
<br />(1,389,927)
<br />2,649,645
<br />2,123,325
<br />669,054
<br />733,398
<br />Transfer of capital assets
<br />-
<br />(303,051)
<br />-
<br />303,051
<br />-
<br />-
<br />Transfers
<br />3,610,854
<br />958,389
<br />(3,610,854)
<br />(958,389)
<br />-
<br />Change in net assets
<br />1,630,263
<br />(734,589)
<br />(961,209)
<br />1,467,987
<br />669,054
<br />733,398
<br />Net assets - beginning
<br />118,726,162
<br />119,460,751
<br />81,834,516
<br />80,366,529
<br />200,560,678
<br />199,827,280
<br />Net assets - ending
<br />$ 120,356,425
<br />$ 118,726,162
<br />$80,873,307
<br />$81,834,516
<br />$201,2295732
<br />$200,560,678
<br />• State aid street payments were received for two street improvement projects ($482,000) and sealcoating
<br />maintenance ($233,000).
<br />• Landfill expansion fee revenues decreased $393,000 due to the decrease in municipal waste tonnage being
<br />hauled to the landfill.
<br />• Increases in expenses were attributed to legal fees of $329,000 incurred for the settlement of a land use claim
<br />and $195,000 for an expanded sealcoat maintenance program.
<br />• The remaining increase in expenses is due to normal inflationary increases and growth in the demand for
<br />services.
<br />• Transfer in of $2,750,000 from the municipal liquor fund to provide funding for the public works facility
<br />project.
<br />14
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