|
City of Elk River Changes in Net Position
<br /> Governmental Business-type
<br /> Activities Activities Total
<br /> 2013 2012 2013 2012 2013 2012
<br /> Revenues:
<br /> Program revenues:
<br /> Charges for services $ 2,856,556 $ 2,378,009 $ 43,065,945 $ 42,109,355 $ 45,922,501 $ 44,487,364
<br /> Operating grants and contributions 954,164 1,018,519 23,440 954,164 1,041,959
<br /> Capital grants and contributions 807,208 1,007,794 924,641 490,916 1,731,849 1,498,710
<br /> General revenues:
<br /> Property taxes 10,830,218 11,684,445 - 10,830,218 11,684,445
<br /> Othertaxes 829,112 125,623 829,112 125,623
<br /> Grants and contributions not
<br /> restricted to specific programs 1,436,135 1,307,662 - - 1,436,135 1,307,662
<br /> Unrestricted investment earnings (663,762) 319,654 (243,047) 219,950 (906,809) 539,604
<br /> Gain on disposal ofcapital assets 629,177 49,470 1,572 1,260 630,749 50,730
<br /> Total revenues 17,678,808 17,891,176 43,749,111 42,844,921 61,427,919 60,736,097
<br /> Expenses:
<br /> General government 3,344,317 2,994,342 - 3,344,317 2,994,342
<br /> Public safety 6,173,244 6,187,246 6,173,244 6,187,246
<br /> Public works 6,535,616 6,037,000 6,535,616 6,037,000
<br /> Culture and recreation 3,914,000 4,013,098 3,914,000 4,013,098
<br /> Economic development 2,088,064 1,059,058 - 2,088,064 1,059,058
<br /> Interest on long-term debt 1,288,020 1,163,352 1,288,020 1,163,352
<br /> Municipal liquor - 5,706,760 5,622,305 5,706,760 5,622,305
<br /> Garbage 1,251,420 1,276,887 1,251,420 1,276,887
<br /> Sewer 2,320,743 2,239,914 2,320,743 2,239,914
<br /> Water 2,332,680 2,264,814 2,332,680 2,264,814
<br /> Electric - - 28,422,759 27,586,573 28,422,759 27,586,573
<br /> Total expenses 23,343,261 21,454,096 40,034,362 38,990,493 63,377,623 60,444,589
<br /> Increase(decrease)in net
<br /> position before transfers (5,664,453) (3,562,920) 3,714,749 3,854,428 (1,949,704) 291,508
<br /> Transferofcapitalassets (121,172) (348,259) 121,172 348,259
<br /> Transfers 1,565,206 1,504,263 (1,565,206) (1,504,263) -
<br /> Change in net position (4,220,419) (2,406,916) 2,270,715 2,698,424 (1,949,704) 291,508
<br /> Net position-beginning 117,900,638 120,307,554 83,369,228 80,670,804 201,269,866 200,978,358
<br /> Netposition-ending $ 113,680,219 $ 117,900,638 $ 85,639,943 $ 83,369,228 $ 199,320,162 $ 201,269,866
<br /> Governmental activities. Governmental activities account for 57%of the City of Elk River's net position.
<br /> Governmental activities decreased the City's net position by$4,220,419. Key elements of the relevant changes are as
<br /> follows:
<br /> • In mid-2013 the City approved and collected franchise taxes of $71 5,000 on electric and gas utilities to
<br /> provide a funding source for the ongoing maintenance and repair of the city street system;no longer utilizing
<br /> special assessments and property taxes.
<br /> Tax increment revenues decreased$742,000 due to the decertification of two tax increment financing districts
<br /> in 2012.
<br /> • The decrease in investment earnings reflects the market value adjustment of the city's investment portfolio.
<br /> The improving economy brought an uptick in new home building and economic development activity. The
<br /> city sold a lot in its recently opened business/industrial park and approved several other development and
<br /> expansion projects.
<br /> 13
<br />
|