Laserfiche WebLink
Elk River, MN - Official Website <br />you can stop all the spending money on your <br />special projects listed in your "certified annual <br />financial report" Page 13 shows you have 48 <br />Million dollars in the bank that's unrestricted net <br />asset so why are you asking us for money? I <br />agree the roads need to get done but not at our <br />expense! We already pay too much in taxes and <br />now your soliciting door to door looking for more? <br />Back to drawing board.. <br />Mar 14, 2013 2:27 PM <br />is Flaa as Inappropriate Reply <br />Justin, Elk River City Engineer <br />37 points <br />The question is referring to the <br />"Statement of Net Assets," which we <br />are required to report by <br />Governmental Accounting Standards <br />Board, Statement 34, commonly <br />called GASB -34. <br />These statements utilize "Full Accrual <br />Basis" accounting unlike <br />governmental funds, which are <br />reported as "Modified Accrual Basis" <br />accounting. Full Accrual Basis <br />accounting requires we record <br />unavailable revenue, such as over $4 <br />Million in Special Assessments that <br />we will receive over the next several <br />years, but are not in the "bank" right <br />now. <br />By state law, many of the city's funds <br />have legal restrictions. "Business - <br />Type Funds ", not received from taxes, <br />like Sewer, Water, Electric, Garbage <br />and Liquor Fund make up 40% of the <br />net assets and account for daily <br />operating expenses and future large <br />capital replacement costs. <br />Continued below... <br />Mar 15, 2013 2:19 PM <br />rFlaa as Inappropriate <br />M <br />Page 5 of 13 <br />http:// mn- elkriver. civicplus .comICommunityVoicelldeal City - Street- Pavement - Managem... 04/11/2013 <br />