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City of Elk River Capital Assets
<br />(Net of Depreciation)
<br />Additional information on the city's capital assets can be found in Note 3C on pages 48 - 49 of this report.
<br />Long -term debt. At the end of the current fiscal year, the city had total long -term debt outstanding of $57,118,179, an
<br />increase of $6,465,910 from 2013. General obligation improvement bonds ($33,515,000) were issued to finance the
<br />construction of a library, a recreation facility, a public safety /city hall facility and a public works facility. General
<br />obligation revenue bonds ($12,835,000) were used to finance sewer and water systems. Revenue bonds ($3,585,000) were
<br />used to finance electric system improvements. Special assessment bonds ($1,210,000) financed improvement projects
<br />within the city and are assessed to the benefiting properties.
<br />City of Elk River Outstanding Debt
<br />Governmental
<br />Business -type
<br />Activities
<br />Activities
<br />Total
<br />2014
<br />2013
<br />2014
<br />2013
<br />2014
<br />2013
<br />Bonds payable:
<br />Land
<br />$ 409911,871
<br />$ 37,806,871
<br />$ 1,526,359 $
<br />1,526,008
<br />$ 42,438,230
<br />$ 39,332,879
<br />Construction in progress
<br />749,673
<br />-
<br />3,602,803
<br />2,2651169
<br />49352,476
<br />2,265,169
<br />Buildings
<br />29,413,979
<br />31,023,746
<br />9,981,099
<br />10,644,146
<br />399395,078
<br />41,667,892
<br />Other improvements
<br />2,246,132
<br />2,412,772
<br />-
<br />-
<br />2,246,132
<br />21412,772
<br />Equipment
<br />3,717,618
<br />3,660,988
<br />2,094,310
<br />11402,605
<br />5,811,928
<br />51063,593
<br />Infrastructure
<br />34,583,324
<br />37,700,162
<br />569342,412
<br />56,278,686
<br />90,925,736
<br />93,9789848
<br />35,270,528
<br />36,856,600
<br />16,503,233
<br />8,367,478
<br />51,773,761
<br />Total
<br />$ 111,622,597
<br />$1121604,539
<br />$ 73,546,983 $
<br />72,116,614
<br />$ 185,169,580
<br />$184,721,153
<br />1,410,000
<br />Notes payable
<br />-
<br />-
<br />1,599,876
<br />1,789,224
<br />1,599,876
<br />1,789,224
<br />Additional information on the city's capital assets can be found in Note 3C on pages 48 - 49 of this report.
<br />Long -term debt. At the end of the current fiscal year, the city had total long -term debt outstanding of $57,118,179, an
<br />increase of $6,465,910 from 2013. General obligation improvement bonds ($33,515,000) were issued to finance the
<br />construction of a library, a recreation facility, a public safety /city hall facility and a public works facility. General
<br />obligation revenue bonds ($12,835,000) were used to finance sewer and water systems. Revenue bonds ($3,585,000) were
<br />used to finance electric system improvements. Special assessment bonds ($1,210,000) financed improvement projects
<br />within the city and are assessed to the benefiting properties.
<br />City of Elk River Outstanding Debt
<br />Additional long -term debt in the amount of $1,410,000 is for a contract for deed, $1,599,876 is for notes payable,
<br />$1,915,500 is for compensated absences, and $419,042 is for other postemployment benefits obligations.
<br />The city maintains a bond rating of AA+ from Standard & Poor's for general obligation debt.
<br />State statutes limit the amount of general obligation debt a Minnesota city may issue to 3% of total Estimated Taxable
<br />Market Value. The current debt limitation for the City of Elk River is $53,892,054. $19,328,258 of the City's net
<br />outstanding debt is counted within the statutory limitation.
<br />Additional information on the City of Elk River's long -term debt can be found in Note 3E on pages 51 - 54 of this report
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<br />Governmental
<br />Business -type
<br />Activities
<br />Activities
<br />Total
<br />2014
<br />2013
<br />2014
<br />2013
<br />2014
<br />2013
<br />Bonds payable:
<br />G.O. bonds
<br />$ 33,515,000
<br />$ 34,675,000
<br />$ - $
<br />-
<br />$ 33,515,000 $
<br />34,675,000
<br />G.O. revenue bonds
<br />-
<br />-
<br />12,835,000
<br />3,990,000
<br />12,835,000
<br />3,990,000
<br />Revenue bonds
<br />-
<br />-
<br />3,585,000
<br />4,340,000
<br />3,585,000
<br />4,340,000
<br />Special assessment bonds
<br />11210,000
<br />1,585,000
<br />-
<br />-
<br />11210,000
<br />11585,000
<br />Issuance premium
<br />545,528
<br />596,600
<br />83,233
<br />37,478
<br />628,761
<br />634,078
<br />Total bonds payable, net
<br />35,270,528
<br />36,856,600
<br />16,503,233
<br />8,367,478
<br />51,773,761
<br />45,224,078
<br />Contracts for deeds
<br />11410,000
<br />1,410,000
<br />-
<br />-
<br />11410,000
<br />1,410,000
<br />Notes payable
<br />-
<br />-
<br />1,599,876
<br />1,789,224
<br />1,599,876
<br />1,789,224
<br />Compensated absences
<br />1,504,686
<br />1,442,996
<br />410,814
<br />457,668
<br />1,915,500
<br />1,900,664
<br />Net OPEB obligation
<br />317,929
<br />247,937
<br />1011113
<br />80,366
<br />419,042
<br />328,303
<br />Total
<br />$ 38,503,143
<br />$ 39,957533
<br />$ 18,615,036 $
<br />10,694,736
<br />$ 57,118,179 $
<br />50,652,269
<br />Additional long -term debt in the amount of $1,410,000 is for a contract for deed, $1,599,876 is for notes payable,
<br />$1,915,500 is for compensated absences, and $419,042 is for other postemployment benefits obligations.
<br />The city maintains a bond rating of AA+ from Standard & Poor's for general obligation debt.
<br />State statutes limit the amount of general obligation debt a Minnesota city may issue to 3% of total Estimated Taxable
<br />Market Value. The current debt limitation for the City of Elk River is $53,892,054. $19,328,258 of the City's net
<br />outstanding debt is counted within the statutory limitation.
<br />Additional information on the City of Elk River's long -term debt can be found in Note 3E on pages 51 - 54 of this report
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