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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, 2014. 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 $202,618,756 (net position). Of this amount, $49,715,186 (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 $3,298,594, attributable to a capital contribution of $3.1 million in culture and
<br />recreation for the donation of park land and the increase in investment earnings due to market value adjustments.
<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 $39,375,862.
<br />The City of Elk River's total long -term liabilities increased $6,465,910 during the current fiscal year, from $50,652,269 to
<br />$57,118,179.
<br />Governmental activities:
<br />Bonds payable
<br />Contracts for deeds
<br />Compensated absences
<br />Net OPEB obligation
<br />Total governmental activities
<br />Business -type activities:
<br />Bonds payable
<br />Notes payable
<br />Compensated absences
<br />Net OPEB obligation
<br />Total business -type activities
<br />Total City long -term liabilities
<br />Beginning
<br />Special
<br />Debt
<br />Capital
<br />Additions
<br />Reductions
<br />General
<br />Revenue
<br />Service
<br />Projects
<br />Total
<br />Nonspendable
<br />$ 22,725
<br />$ 101,910
<br />$
<br />$ -
<br />$ 1245635
<br />Restricted
<br />-
<br />25130,444
<br />105994,654
<br />800,585
<br />13,9255683
<br />Committed
<br />317,929
<br />35498,482
<br />317,929
<br />2,3301519
<br />6,1469930
<br />Assigned
<br />-
<br />883,104
<br />391957,533
<br />15,000,175
<br />15,8835279
<br />Unassigned
<br />55822,948
<br />(2,527,613)
<br />3,295,335
<br />(3,9441090)
<br />$ 691639602
<br />$ 616139940
<br />$ 10,9945654
<br />$ 15,603,666
<br />$ 395375,862
<br />The City of Elk River's total long -term liabilities increased $6,465,910 during the current fiscal year, from $50,652,269 to
<br />$57,118,179.
<br />Governmental activities:
<br />Bonds payable
<br />Contracts for deeds
<br />Compensated absences
<br />Net OPEB obligation
<br />Total governmental activities
<br />Business -type activities:
<br />Bonds payable
<br />Notes payable
<br />Compensated absences
<br />Net OPEB obligation
<br />Total business -type activities
<br />Total City long -term liabilities
<br />Beginning
<br />Ending
<br />Balance
<br />Additions
<br />Reductions
<br />Balance
<br />$ 3658565600
<br />$
<br />$ (1,586,072)
<br />$ 355270,528
<br />154109000
<br />-
<br />-
<br />11410,000
<br />154429996
<br />6505309
<br />(5889619)
<br />1,504,686
<br />247,937
<br />109,026
<br />(39,034)
<br />317,929
<br />391957,533
<br />759,335
<br />(212132725)
<br />38,5035143
<br />853675478
<br />1250795845
<br />(3,9441090)
<br />165503,233
<br />19789,224
<br />-
<br />(189,348)
<br />19599,876
<br />457,668
<br />1629494
<br />(209,348)
<br />410,814
<br />805366
<br />215312
<br />(565)
<br />101,113
<br />10694,736
<br />12,263,651
<br />(41343,351)
<br />18,615,036
<br />$ 50 652 269
<br />$ 13,022,986
<br />$ (6,557,076)
<br />$ 57,118,179
<br />9
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