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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 31,2012. 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 -3 of this report.
<br /> Financial Highlights
<br /> The assets and deferred outflows of resources of the City of Elk River exceeded its liabilities at the close of the most recent
<br /> fiscal year by$201,269,866 (net position). Of this amount,$49,741,432(unrestricted net position)may be used to meet the
<br /> City's ongoing obligations to citizens and creditors.
<br /> The City's total net position increased by$291,508.
<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$34,206,979.
<br /> Special Debt Capital
<br /> General Revenue Service Projects Total
<br /> Nonspendable $ 20,201 $ 101,812 $ - $ - $ 122,013
<br /> Restricted - 3,728,299 3,431,878 448,665 7,608,842
<br /> Committed 208,486 2,456,185 - - 2,664,671
<br /> Assigned 200,000 892,492 - 18,327,318 19,419,810
<br /> Unassigned 5,776,627 - - (1,384,984) 4,391,643
<br /> $ 6,205,314 $ 7,178,788 $ 3,431,878 $17,390,999 $ 34,206,979
<br /> The City of Elk River's total long-term liabilities increased$4,512,499 during the current fiscal year, from$41,454.400
<br /> to$45,966,899.
<br /> Beginning Ending
<br /> Balance Additions Reductions Balance
<br /> Governmental activities:
<br /> Bonds payable $ 24,157,939 $ 8,615,164 $ (2,158,131) $ 30,614,972
<br /> Contracts for deeds 1,410,000 - - 1,410,000
<br /> Compensated absences 1,278,871 636,195 (519,740) 1,395,326
<br /> Net OPEB obligation 156,323 87,865 (35,702) 208,486
<br /> Total governmental activities 27,003,133 9,339,224 (2,713,573) 33,628,784
<br /> Business-type activities:
<br /> Bonds payable 11,830,656 - (1,954,089) 9,876,567
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<br /> Notes payable 2,162,882 - (187,070) 1,975,812
<br /> Compensated absences 403,657 198,785 (184,125) 418,317
<br /> Net OPEB obligation 54,072 15,415 (2,068) 67,419
<br /> Total business-type activities 14,451,267 214,200 (2,327,352) 12,338,115
<br /> Total City long-term liabilities $ 41,454,400 $ 9,553,424 $ (5,040,925) $ 45,966,899
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