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revenues, expenses and changes in net assets. The enterprise funds are the same as the business-type activities
<br />reported in the government-wide statements but provide more detail and additional information, such as cash flows,
<br />for proprietary funds. The City of Elk River uses enterprise funds to account for its municipal liquor, garbage, sewer,
<br />water and electric operations.
<br />
<br />The basic proprietary fund financial statements can be found on pages 26 - 33 of this report.
<br />
<br />Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the
<br />government Fiduciary funds are not reflected in the government-wide financial statements because the resources of
<br />those funds are not available to support the City of Elk River's own program. The accounting used for fiduciary funds
<br />is much like that used for proprietary funds.
<br />
<br />The basic fiduciary fund financial statements can be found on pages 34 - 35 of this report.
<br />
<br />Notes to Financial Statements. The notes provide additional information that is essential to a full understanding of
<br />the data provided in the government-wide and fund financial statements. The notes to the financial statements can be
<br />found on pages 36 - 55 of this report.
<br />
<br />Other Information. The combining statements referred to earlier in connection with nonmajor governmental funds
<br />and internal service funds are presented immediately following the notes to financial statements. Combining and
<br />individual fund statements and schedules can be found on pages 56 - 77 of this report.
<br />
<br />Government-wide Financial Analysis
<br />
<br />As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the case
<br />of the City of Elk River, assets exceeded liabilities by $146,342,640 at the close of the most recent fiscal year.
<br />
<br />By far, the largest portion of the City of Elk River's net assets (70 percent) reflects its investment in capital assets
<br />(e.g., land, buildings, machinery and equipment), less any related debt used to acquire those assets that are still
<br />outstanding. The City of Elk River uses these capital assets to provide services to citizens; consequently, these assets
<br />are not available for future spending. Although the City of Elk River's investment in its capital assets is reported net
<br />of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources,
<br />since the capital assets themselves cannot be used to liquidate these liabilities.
<br />
<br />Net Assets
<br />
<br />Govern- Business-
<br />mental type
<br />Activities Activities
<br />
<br />Total
<br />
<br />Current and other assets
<br />Capital assets
<br />
<br />$ 33,614,992 $ 14,935,172 $ 48,550,164
<br />78,652,423 62,047,407 140,699,830
<br />
<br />Total assets 112,267,415 76,982,579 189,249,994
<br />
<br />Long-term liabilities outstanding
<br />Other liabilities
<br />
<br />23,068,653 15,958,399 39,027,052
<br />2,369,287 1,511,015 3,880,302
<br />
<br />Total liabilities 25,437.940 17,469,414 42,907,354
<br />
<br />Net assets
<br />Invested in capital assets, net of related debt 56,003,997 46,341,983 102,345,980
<br />Restricted 8,383,884 - 8,383,884
<br />Unrestricted 22,441,594 13,171,182 35,612,776
<br />
<br />Total net assets
<br />
<br />$ 86.829.475 5; 59.513.165 $146.342.64~0
<br />
<br />12
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