|
An additional portion of the City of Elk River's net assets (6 percent) represents resources that are subject to external
<br />restrictions on how they may be used. The remaining balance of unrestricted net assets ($35,612,776) may be used to
<br />meet the City of Elk River's ongoing obligations to citizens and creditors.
<br />
<br />At the end of the current fiscal year, the City of Elk River is able to report positive balances in all three categories of
<br />net assets, both for the City as a whole, as well as for its separate governmental and business-type activities.
<br />
<br />Governmental activities
<br />
<br />Governmental activities increased the City of Elk River's net assets by $4,684,837. Key elements of this increase are
<br />as follows:
<br />
<br />Changes in Net Assets
<br />
<br />Govern- Business-
<br />mental type
<br />Activities Activities
<br />
<br />Total
<br />
<br />Revenues:
<br /> Program revenues: Charges for services
<br /> Operating grants and contributions
<br /> Capital grants and contributions
<br /> General revenues Property taxes
<br /> Grants and contributions not restricted to specific programs
<br /> Unrestricted investment earnings
<br />
<br />3,042,344 $ 22,367,482 $ 25,409,826
<br />487,560 10,530 498,090
<br />6,064,491 1,053,994 7,118,485
<br />
<br />6,513,323 6,513,323
<br />2,237,750 2,237,750
<br />304,237 155,802 460,039
<br />
<br />Total revenues
<br />
<br />18,649,705 23,587,808 42,237,513
<br />
<br />Expenses
<br /> General government
<br /> Public safety
<br /> Public works
<br /> Culture and recreation
<br /> Economic development
<br /> Interest on long-term debt
<br /> Municipal liquor
<br /> Garbage
<br /> Sewer
<br /> Water
<br /> Electric
<br />
<br />$ 3,290,711
<br />4,229,109
<br />3,737,678
<br />1,747,322
<br />549,149
<br />1,050,823
<br />
<br />3,621,087
<br />884,532
<br />1,406,713
<br />1,713,217
<br />11,929,596
<br />
<br />$ 3,290,711
<br />4,229,109
<br />3,737,678
<br />1,747,322
<br />549,149
<br />1,050,823
<br />3,621,087
<br />884,532
<br />1,406,713
<br />1,713,217
<br />11,929,596
<br />
<br />Total expenses
<br />
<br />14,604,792 19,555,145 34,159,937
<br />
<br />Increase in net assets before transfers
<br />
<br />4,044,913 4,032,663 8,077,576
<br />
<br />Transfers
<br />
<br />639,924 (639,924)
<br />
<br />Increase in net assets
<br />
<br />4,684,837 3,392,739 8,077,576
<br />
<br />Net assets, January 1, 2003
<br />
<br />82,144,638 56,120,426 138,265,064
<br />
<br />Net assets, December 31, 2003
<br />
<br />$ 86.829.475 $ 59.513.16~5 $146:342,640
<br />
<br />13
<br />
<br />
<br />
|