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City of Elk River
<br /> May 17,2013
<br /> Page 10
<br /> The annual debt service requirements for the next 10 years for the debt detailed on the previous page are as follows:
<br /> $5,000,000
<br /> $4,500,000
<br /> $4,000,000
<br /> $3,500,000
<br /> $3,000,000
<br /> $2,500,000
<br /> $2,000,000
<br /> $1,500,000
<br /> $1,000,000
<br /> $500,000 Hai
<br /> 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
<br /> Principal Interest
<br /> Capital Projects Funds
<br /> The fund balances of all capital projects funds are summarized below:
<br /> Fund Balances
<br /> December 31, Increase
<br /> Capital Projects Fund 2011 2012 (Decrease)
<br /> Major
<br /> Improvement Projects $ 4,427,389 $ 4,307,296 $ (120,093)
<br /> Government Buildings 5,507,987 4,526,365 (981,622)
<br /> Total major 9,935,376 8,833,661 (1,101,715)
<br /> Nonmaj or
<br /> Capital Reserve 1,391,663 1,573,895 182,232
<br /> Equipment Replacement 1,108,908 929,132 (179,776)
<br /> Park Dedication (833,820) (843,369) (9,549)
<br /> Park Improvements 187,949 225,812 37,863
<br /> GRE Reserve 1,276,255 1,673,347 397,092
<br /> Street Improvement 4,977,180 5,091,471 114,291
<br /> Tax Increment Financing Districts (225,827) (92,950) 132,877
<br /> Total nonmajor 7,882,308 8,557,338 675,030
<br /> Total $ 17,817,684 $ 17,390,999 $ (426,685)
<br /> The City has multiple individual projects that make up the funds presented above. The City should continue to monitor each
<br /> individual project. The Tax Increment Financing Districts fund and Park Dedication fund have a deficit fund balance at the end
<br /> of the year. The deficits will be eliminated by future revenues or park development. City Council should continue to review
<br /> planned project sources for these funds and consider whether they will be available within a sufficient timeframe to cover current
<br /> activity.
<br /> 952.835.9090 • Fax 952.835.3261
<br /> www.aemcpas.com
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