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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 31,2013. 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$199,320,162(net position). Of this amount,$47,027,216(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 decreased by$1,949,704,attributable to over$1 million in expenses within economic
<br /> development related to TIF that will be reimbursed with future TIF revenues and the decrease in market value of the city's
<br /> investments at year end.
<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$38,479,671.
<br /> Special Debt Capital
<br /> General Revenue Service Projects Total
<br /> Nonspendable $ 14,628 $ 99,703 $ - $ - $ 114,331
<br /> Restricted - 3,065,982 11,289,861 445,025 14,800,868
<br /> Committed 247,937 3,186,146 - 1,207,543 4,641,626
<br /> Assigned - 868,866 - 14,586,805 15,455,671
<br /> Unassigned 5,791,725 - - (2,324,5 3,467,175
<br /> $ 6,054,290 $ 7,220,697 $ 11,289,861 $ 13,914,823 $ 38,479,671
<br /> The City of Elk River's total long-term liabilities increased$4,685,370 during the current fiscal year,from$45,966,899 to
<br /> $50,652,269.
<br /> Beginning Ending
<br /> Balance Additions Reductions Balance
<br /> Governmental activities:
<br /> Bonds payable $ 30,614,972 $ 10,026,700 $ (3,785,072) $ 36,856,600
<br /> Contracts for deeds 1,410,000 - - 1,410,000
<br /> Compensated absences 1,395,326 653,660 (605,990) 1,442,996
<br /> Net OPEB obligation 208,486 86,785 (47,334) 247,937
<br /> Total governmental activities 33,628,784 10,767,145 (4,438,396) 39,957,533
<br /> Business-type activities:
<br /> Bonds payable 9,876,567 (1,509,089) 8,367,478
<br /> Notes payable 1,975,812 (186,588) 1,789,224
<br /> Compensated absences 418,317 306,374 (267,023) 457,668
<br /> Net OPEB obligation 67,419 14,416 (1,469) 80,366
<br /> Total business-type activities 12,338,115 320,790 (1,964,169) 10,694,736
<br /> Total City long-term liabilities $ 45,966,899 $ 11,087,935 $ (6,402,565} $ 50,652,269
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