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CITY OF ELK RIVER, MINNESOTA
<br />CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
<br />LAST TEN FISCAL YEARS
<br />(modified accrual basis of accounting)
<br />Other financing sources (uses)
<br />Transfers in
<br />5,923,474
<br />Fiscal Year
<br />3,868,359
<br />2,887,624
<br />2006
<br />2007
<br />2008
<br />2009
<br />Revenues
<br />Proceeds of long-term debt
<br />3,657,000
<br />13,390,500
<br />2,277,946
<br />Property taxes
<br />$ 9,529,773
<br />$ 10,571,695
<br />$ 12,037,076
<br />$ 12,329,194
<br />Other taxes
<br />-
<br />-
<br />-
<br />156,894
<br />Licenses and permits
<br />1,207,368
<br />987,708
<br />460,108
<br />322,338
<br />Intergovernmental
<br />4,142,937
<br />2,973,505
<br />4,134,779
<br />3,117,997
<br />Charges for services
<br />2,485,464
<br />1,786,094
<br />1,849,307
<br />1,465,898
<br />Fines and forfeits
<br />175,155
<br />156,407
<br />150,086
<br />141,629
<br />Special assessments
<br />1,566,880
<br />1,909,595
<br />1,712,551
<br />1,464,348
<br />Interest
<br />1,151,144
<br />1,465,401
<br />1,215,053
<br />548,651
<br />Miscellaneous
<br />2,555,842
<br />1,545,181
<br />1,628,567
<br />1,853,966
<br />Total revenues
<br />22,814,563
<br />21,395,586
<br />23,187,527
<br />21,400,915
<br />Expenditures
<br />General government
<br />2,251,111
<br />2,450,722
<br />2,480,208
<br />2,458,879
<br />Public safety
<br />4,941,706
<br />5,109,371
<br />5,565,474
<br />5,377,208
<br />Public works
<br />2,538,658
<br />4,170,119
<br />3,246,436
<br />2,656,097
<br />Culture and recreation
<br />2,605,861
<br />3,386,681
<br />2,890,683
<br />2,666,146
<br />Economic development
<br />627,467
<br />573,446
<br />2,216,617
<br />1,589,464
<br />Capital outlay
<br />10,729,882
<br />12,803,023
<br />10,381,359
<br />4,627,322
<br />Debt service
<br />Principal
<br />7,051,836
<br />1,767,617
<br />2,022,616
<br />3,162,117
<br />Interest and service charges
<br />909,904
<br />902,415
<br />1,198,174
<br />1,289,087
<br />Bond issuance costs
<br />-
<br />-
<br />-
<br />-
<br />Total expenditures
<br />31,656,425
<br />31,163,394
<br />30,001,567
<br />23,826,320
<br />Excess (deficiency) of revenues
<br />over (under) expenditures
<br />(8,841,862)
<br />(9,767,808)
<br />(6,814,040)
<br />(2,425,405)
<br />Other financing sources (uses)
<br />Transfers in
<br />5,923,474
<br />4,785,257
<br />3,868,359
<br />2,887,624
<br />Transfers out
<br />(5,014,648)
<br />(4,006,417)
<br />(2,818,058)
<br />(1,842,622)
<br />Proceeds of long-term debt
<br />3,657,000
<br />13,390,500
<br />2,277,946
<br />2,074,311
<br />Premium on long-term debt issued
<br />-
<br />-
<br />36,542
<br />-
<br />Discount on long-term debt issued
<br />(29,252)
<br />(50,477)
<br />-
<br />-
<br />Payment to refunded bond escrow agent
<br />-
<br />-
<br />-
<br />-
<br />Principal paid on refunded bonds
<br />-
<br />-
<br />-
<br />-
<br />Capital leases issued
<br />2,332,694
<br />325,000
<br />-
<br />-
<br />Sale of capital assets
<br />17,439
<br />200,914
<br />84,379
<br />16,629
<br />Total other financing sources (uses)
<br />6,886,707
<br />14,644,777
<br />3,449,168
<br />3,135,942
<br />Net change in fund balances
<br />$ (1,955,155)
<br />$ 4,876,969
<br />$ (3,364,872)
<br />$ 710,537
<br />Debt service as a percentage of
<br />noncapital expenditures
<br />37.1%
<br />15.1%
<br />16.9%
<br />23.7%
<br />-138-
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