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City of Elk River Capital Assets
<br /> (Net of Depreciation)
<br /> Governmental Business-type
<br /> i
<br /> Activities Activities Total
<br /> 2012 2011 2012 2011 2012 2011
<br /> I
<br /> Land $ 37,864,101 $ 37,694,632 $ 1,486,693 $ 1,516,631 $ 39,350,794 $ 39,211,263
<br /> Construction in progress 8,861,930 2,180,426 285,001 205,726 9,146,931 2,386,152
<br /> Buildings 23,780,074 25,151,074 11,167,594 11,642,403 34,947,668 36,793,477
<br /> Other improvements 2,062,487 2,307,354 - - 2,062,487 2,307,354
<br /> Equipment 3,530,374 3,537,075 1,336,055 1,309,392 4,866,429 4,846,467
<br /> Infrastructure 38,094,663 38,730,959 57,845,255 59,752,600 95,939,918 98,483,559
<br /> Total $114,193,629 $109,601,520 $ 72,120,598 $ 74,426,752 $186,314,227 $184,028,272
<br /> Additional information on the City's capital assets can be found in Note 3C on pages 47-48 of this report.
<br /> Long-term debt. At the end of the current fiscal year,the City had total long-term debt outstanding of$45,966,899,an
<br /> increase of$4,512,499 from 2011. General obligation improvement bonds($26,334,000)were issued to finance the
<br /> construction of a library,a recreation facility,a public safety/city hall-facility,a public works facility and a street corridor
<br /> project. General obligation revenue bonds($4,750,000)were used to finance sewer and water systems. Revenue bonds
<br /> ($5,085,000)were used to finance the construction of a liquor store and electric system improvements. Special assessment
<br /> bonds($3,975,000)financed improvement projects within the City and are assessed to the benefiting properties. Tax
<br /> increment bonds financed the City's economic development program.
<br /> City of Elk River Outstanding Debt
<br /> Governmental Business-type
<br /> Activities Activities Total
<br /> 2012 2011 2012 2011 2012 2011
<br /> Bonds payable:
<br /> G.O.bonds $ 26,334,000 $ 20,676,000 $ - $ $ 26,334,000 $ 20,676,000
<br /> G.O.revenue bonds - - 4,750,000 5,475,000 4,750,000 5,475,000
<br /> Revenue bonds - - 5,085,000 6,310,000 5,085,000 6,310,000
<br /> Special assessment bonds 3,975,000 2,955,000 - - 3,975,000 2,955,000
<br /> Tax increment bonds - 305,000 - - - 305,000
<br /> Unamortized premium 305,972 221,939 41,567 45,656 347,539 267,595
<br /> Total bonds payable,net 30,614,972 24,157,939 9,876,567 11,830,656 40,491,539 35,988,595
<br /> Contracts for deeds 1,410,000 1,410,000 - - 1,410,000 1,410,000
<br /> Notes payable - - 1,975,812 2,162,882 1,975,812 2,162,882
<br /> Compensated absences 1,395,326 1,278,871 418,317 403,657 1,813,643 1,682,528
<br /> Net OPEB obligation 208,486 156,323 67,419 54,072 275,905 210,395
<br /> Total $ 33,628,784 $ 27,003,133 $ 12,338,115 $ 14,451,267 $ 45,966,899 $ 41,454,400
<br /> Additional long-term debt in the amount of$1,410,000 is for a contract for deed,$1,975,812 is for notes payable,
<br /> $1,813,643 is for compensated absences,and$275,905 is for other postemployment benefits obligations.
<br /> The City maintains a bond rating of AA+from Standard&Poor's for general obligation debt.
<br /> State statutes limit the amount of general obligation debt a Minnesota city may issue to 3%of total Estimated Taxable
<br /> Market Value. The current debt limitation for the City of Elk River is$58,316,472. $22,084,574 of the City's net
<br /> outstanding debt is counted within the statutory limitation.
<br /> Additional information on the City of Elk River's long-term debt can be found in Note 3E on pages 50 -53 of this report.
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