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CITY OF ELK RIVER, MINNESOTA <br />COMPREHENSIVE ANNUAL FINANCIAL REPORT <br />TABLE OF CONTENTS <br />FOR THE YEAR ENDED DECEMBER 31, 2015 <br />L INTRODUCTORY SECTION <br />Letterof Transmittal.......................................................................................................................................................................... 5 <br />Certificateof Achievement................................................................................................................................................................ 8 <br />OrganizationalChart .......................................................................................................................................................................... 9 <br />Electedand Appointed Officials...................................................................................................................................................... 10 <br />IL FINANCIAL SECTION <br />IndependentAuditor's Report ......................................................................................................................................................... 13 <br />Management's Discussion and Analysis.......................................................................................................................................... <br />17 <br />Basic Financial Statements <br />Government -wide Financial Statements <br />Statementof Net Position......................................................................................................................................................... <br />28 <br />Statementof Activities............................................................................................................................................................. <br />30 <br />Fund Financial Statements: <br />BalanceSheet - Governmental Funds....................................................................................................................................... <br />32 <br />Reconciliation of the Governmental Funds Balance Sheet to <br />theStatement of Net Position................................................................................................................................................ <br />35 <br />Statement of Revenues, Expenditures, and Changes in <br />FundBalances - Governmental Funds.................................................................................................................................. <br />36 <br />Reconciliation of the Statement of Revenues, Expenditures, and <br />Changes in Fund Balances of Governmental Funds to the <br />Statementof Activities.......................................................................................................................................................... <br />38 <br />Statement of Revenues, Expenditures, and Changes in <br />Fund Balance - Budget and Actual - General Fund.............................................................................................................. <br />39 <br />Statement of Net Position - Proprietary Funds......................................................................................................................... <br />40 <br />Statement of Revenues, Expenses, and Changes in <br />NetPosition - Proprietary Funds........................................................................................................................................... <br />44 <br />Statement of Cash Flows - Proprietary Funds.......................................................................................................................... <br />46 <br />Statement of Fiduciary Net Position - <br />DeveloperEscrow Agency Fund.......................................................................................................................................... <br />50 <br />Notesto Financial Statements...................................................................................................................................................... <br />51 <br />Required Supplementary Information <br />Schedule of Employer's Share of Public Employees Retirement Association <br />Net Pension Liability - General Employees Retirement Fund.................................................................................................. <br />90 <br />Schedule of Employer's Public Employees Retirement Association Contributions - <br />GeneralEmployees Retirement Fund....................................................................................................................................... <br />90 <br />Schedule of Employer's Share of Public Employees Retirement Association <br />Net Pension Liability - Public Employees Police and Fire Fund.............................................................................................. <br />90 <br />Schedule of Employer's Public Employees Retirement Association Contributions - <br />Public Employees Police and Fire Fund................................................................................................................................... <br />91 <br />Schedule of Changes in the Fire Relief Association's Net Pension Liability (Asset) and Related Ratios ................................... <br />91 <br />Schedule of Employer's Fire Relief Association Contributions................................................................................................... <br />92 <br />Schedule of Funding Progress for Other Postemployment Benefit Plans.................................................................................... <br />92 <br />Combining and Individual Fund Statements and Schedules <br />Nonnajor Governmental Funds <br />Combining Balance Sheet - Nommajor Governmental Funds................................................................................................... <br />96 <br />Combining Statement of Revenues, Expenditures, and Changes <br />in Fund Balances - Nonnajor Govermnental Funds............................................................................................................. <br />97 <br />Nomnajor Special Revenue Funds <br />Subcombining Balance Sheet - Nommajor Special Revenue Funds........................................................................................ <br />100 <br />Subcombining Statement of Revenues, Expenditures, and Changes in <br />Fund Balances - Nonmajor Special Revenue Funds........................................................................................................... <br />102 <br />-1- <br />