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UTILITY FINANCIAL STATEMENTS
<br /> The tables on the following pages provide the Utility's Statement of Net Position; Statement of
<br /> Revenues, Expenses and Changes in Fund Net Position; Statement of Cash Flows of the
<br /> Electric System for the years ended December 31, 2008 through 2012. The financial statement
<br /> information was taken from the City's audited comprehensive annual financial reports and
<br /> should be read in conjunction with the City's 2012 Comprehensive Annual Financial Report, an
<br /> excerpt of which is provided as Appendix III of this Official Statement.
<br /> CITY OF ELK RIVER,MINNESOTA
<br /> Elk River Municipal Utilities-Electric System
<br /> Statement of Net Position
<br /> For Fiscal Years Ended December 31
<br /> 2008 2009 2010 2011' 2012
<br /> ASSETS
<br /> Current Assets
<br /> Cash and Investments $ 3,908,552 $ 5,366,820 $ 6,587,017 $ 8,380,396 $ 10,646,164
<br /> Restricted Cash and Investments 724,500 724,500 724,500 724,500 724,500
<br /> Receivables:
<br /> Interest 27,557 26,090 1,116 4,749 9,286
<br /> Accounts 2,023,188 2,061,623 2,455,731 2,503,609 2,318,928
<br /> Due from Other Governments 3,161 37,124 1,627 1,627 -
<br /> Due from Other Funds 3,202 1,581 7,264 - -
<br /> Inventories 1,329,459 1,034,829 1,018.092 997,125 928,800
<br /> Prepaid Items 61,628 75,288 140,116 122,066 187,839
<br /> Total Current Assets $ 8,081,247 $ 9,327,855 $10,935,463 $12,734,072 $14,815,517
<br /> Noncurrent Assets
<br /> Deferred Charges $ 128,894 $ 117,724 $ 114,775 $ - $
<br /> -
<br /> Capital Assets:
<br /> Nondepreciable 344,735 284,884 607,711 401,074 514,396
<br /> Depreciable 49,445,896 50,450,158 51,051,029 52,384,131 53,494,906
<br /> Accumulated Depreciation (19,975,453) (21,864,361) (23,869,917) (25,885,141) (27,883,481)
<br /> Total Capital Assets $ 29,815,178 $28,870,681 $27 788,823 $26,900.064 $26,125,821
<br /> Total Noncurrent Assets $ 29,944,072 $28,988,405 $27,903,598 $26,900,064 $26,125,821
<br /> TOTAL ASSETS $ 38,025,319 $38,316,260 $38,839,061 $39,634,136 $40,941,338
<br /> DEFERRED OUTFLOWS OF RESOURCES
<br /> Deferred Charge on Refunding $ - $ - $ - $ 73,603 $ 67,011
<br /> LIABILITIES
<br /> Current Liabilities
<br /> Accounts Payable $ 1,712,425 $ 1,958,988 $ 2,138206 $ 2,376,698 $ 2,246,876
<br /> Salaries Payable 39,723 60,809 71,655 74,499 81,732
<br /> Due to Other Governments 97,749 107,997 122,278 193,408 155,225
<br /> Due to Other Funds 326,917 305,232 379,921 372,554 456,681
<br /> Unearned Revenue - - - - 8,262
<br /> Accrued Interest 131,489 124,284 111,260 103,131 94,796
<br /> Compensated Absences Payable(Current) 99,464 79,840 113,845 92,925 101,094
<br /> Notes Payable(Current) 177,348 179.328 182,436 183,444 186,588
<br /> Bonds Payable(Current) 328,750 512,500 548,000 559,000 588,000
<br /> Total Current Liabilities $ 2,913.865 $ 3,328,978 $ 3,667,601 $ 3,955,659 $ 3,919,254
<br /> Noncurrent Liabilities
<br /> Compensated Absences Payable $ 99,359 $ 87,194 $ 100.788 $ 122,119 $ 115,973
<br /> Net Other Postemployment Benefits Obligation 10,213 20,243 30,096 35,759 40,360
<br /> Notes Payable 2,524,646 2,345,318 2,162,882 1,979,438 1,789,224
<br /> Bonds Payable 7,525,000 7,012,500 6,483,597 6,001,525 5,410,254
<br /> Total Noncurrent Liabilities $ 10,159,218 $ 9,465,255 $ 8,777,363 $ 8,138,841 $ 7,355,811
<br /> TOTAL LIABILITIES $ 13,073,083 $ 12,794,233 $12,444,964 $12,094,500 $11,275,065
<br /> NET POSITION
<br /> Invested in Capital Assets(Net of Related Debt) $ 19.259,434 $18,821,035 $18,411,908 $ 18,250,260 $ 18,218,766
<br /> Restricted for Debt Service 724,500 724,500 724,500 724,500 724,500
<br /> Unrestricted 4,968,602 5,976,492 7,257,689 8,638,479 10,790,018
<br /> TOTAL NET POSITION $ 24,952,536 $25,522,027 $26,394,097 $27,613,239 $29,733,284
<br /> ' Restated.
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