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City of Elk River Changes in Net Position
<br />Governmental activities. Governmental activities account for 56% of the City of Elk River's net position.
<br />Governmental activities increased the city's net position by $336,674. Key elements of the relevant changes are as
<br />follows:
<br />• In 2014 the city accepted a donation of park property valued at over $3.1 million.
<br />• The franchise tax for street maintenance and repairs was implemented in mid -2013; no longer utilizing special
<br />assessments and property taxes.
<br />• The increase in investment earnings reflects the market value adjustment of the city's investment portfolio.
<br />13
<br />Governmental
<br />Business -type
<br />Activities
<br />Activities
<br />Total
<br />2014
<br />2013
<br />2014
<br />2013
<br />2014
<br />2013
<br />Revenues:
<br />Program revenues:
<br />Charges for services
<br />$ 2,666,277 $
<br />2,856,556
<br />$ 43,751,274 $
<br />43,065,945
<br />$ 46,417,551 $
<br />45,922,501
<br />Operating grants and contributions
<br />1,049,744
<br />954,164
<br />-
<br />-
<br />1,049,744
<br />954,164
<br />Capital grants and contributions
<br />4,020,851
<br />807,208
<br />935,909
<br />924,641
<br />4,956,760
<br />1,731,849
<br />General revenues:
<br />Property taxes
<br />10,509,231
<br />10,830,218
<br />-
<br />-
<br />10,509,231
<br />10,830,218
<br />Other taxes
<br />1,441,259
<br />829,112
<br />-
<br />-
<br />1,441,259
<br />829,112
<br />Grants and contributions not
<br />restricted to specific programs
<br />1,749,886
<br />1,436,135
<br />-
<br />-
<br />1,749,886
<br />1,436,135
<br />Unrestricted investment earnings (loss)
<br />1,137,024
<br />(663,762)
<br />557,659
<br />(243,047)
<br />1,694,683
<br />(906,809)
<br />Gain on disposal of capital assets
<br />29,593
<br />629,177
<br />29,525
<br />1,572
<br />59,118
<br />630,749
<br />Total revenues
<br />22,603,865
<br />17,678,808
<br />45,274,367
<br />43,749,111
<br />67 878,232
<br />61,4270919
<br />Expenses:
<br />General government
<br />3,554,136
<br />3,344,317
<br />-
<br />-
<br />3,554,136
<br />3,344,317
<br />Public safety
<br />6,615,593
<br />6,173,244
<br />-
<br />-
<br />6,615,593
<br />6,173,244
<br />Public works
<br />6,860,673
<br />6,535,616
<br />-
<br />-
<br />6,860,673
<br />6,535,616
<br />Culture and recreation
<br />4,088,992
<br />3,914,000
<br />-
<br />-
<br />4,088,992
<br />3,914,000
<br />Economic development
<br />1,091,125
<br />2,088,064
<br />-
<br />-
<br />1,091,125
<br />2,088,064
<br />Interest on long -term debt
<br />1,075,408
<br />1,288,020
<br />-
<br />-
<br />1,075,408
<br />1,288,020
<br />Municipal liquor
<br />-
<br />-
<br />5,776,873
<br />5,706,760
<br />5,776,873
<br />5,706,760
<br />Garbage
<br />-
<br />-
<br />1,303,943
<br />1,251,420
<br />1,303,943
<br />1,251,420
<br />Sewer
<br />-
<br />-
<br />2,156,329
<br />2,320,743
<br />2,156,329
<br />2,320,743
<br />Water
<br />-
<br />-
<br />2,459,319
<br />2,332,680
<br />2,459,319
<br />2,332,680
<br />Electric
<br />29,597,247
<br />28,422,759
<br />29,597,247
<br />28,422,759
<br />Total expenses
<br />23,285,927
<br />23,343,261
<br />41,293,711
<br />40,034,362
<br />64,579,638
<br />63,377,623
<br />Increase (decrease) in net
<br />position before transfers
<br />(682,062)
<br />(5,664,453)
<br />3,980,656
<br />3,714,749
<br />3,298,594
<br />(1,949,704)
<br />Transfer of capital assets
<br />(313,287)
<br />(121,172)
<br />313,287
<br />121,172
<br />-
<br />Transfers
<br />1,332 023
<br />1,565,206
<br />(1,332,023)
<br />(1,565,206)
<br />Charge in net position
<br />336,674
<br />(4,220,419)
<br />2,961,920
<br />2,270,715
<br />3,298,594
<br />(1,949,704)
<br />Net position - beginning
<br />113,680,219
<br />117,900,638
<br />85,639,943
<br />83,369,228
<br />199,320,162
<br />201,269,866
<br />Net position - ending
<br />$ 114,016,893 $
<br />113,680,219
<br />$ 88,601,863 $
<br />85 639,943
<br />$ 202,618,756 $
<br />199,320,162
<br />Governmental activities. Governmental activities account for 56% of the City of Elk River's net position.
<br />Governmental activities increased the city's net position by $336,674. Key elements of the relevant changes are as
<br />follows:
<br />• In 2014 the city accepted a donation of park property valued at over $3.1 million.
<br />• The franchise tax for street maintenance and repairs was implemented in mid -2013; no longer utilizing special
<br />assessments and property taxes.
<br />• The increase in investment earnings reflects the market value adjustment of the city's investment portfolio.
<br />13
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