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City of Elk River Capital Assets
<br />(Net of Depreciation)
<br />Total $100,211,719 $111,622,597 $ 93,681,707 $ 73,546,983 $193,893,426 $185,169,580
<br />Additional information on the City's capital assets can be found in Note 3C starting on page 64 of this report.
<br />Long-term debt. At the end of the current fiscal year, the City had total long-term debt outstanding of $65,373,434, an increase of
<br />$8,255,255 from 2014. General obligation improvement bonds ($32,320,000) were issued to finance the construction of a library, a
<br />recreation facility, a public safety/city hall facility and a public works facility. General obligation revenue bonds ($12,535,000) were
<br />used to finance sewer and water systems. Revenue bonds ($2,985,000) were used to finance electric system improvements. Special
<br />assessment bonds ($900,000) financed improvement projects within the City and are assessed to the benefiting properties.
<br />Bonds payable
<br />G-0. bonds
<br />G-0. revenue bonds
<br />Revenue bonds
<br />Special assessment bonds
<br />Issuance premium
<br />Total bonds payable, net
<br />City of Elk River Outstanding Debt
<br />Governmental
<br />Activities _
<br />2015 2014
<br />$ 32,320,000 $ 33,515,000 $
<br />900,000 1,210,000
<br />494 4S6 545 S?k
<br />33,714,456 35,270,528
<br />Business -type
<br />Activities Total
<br />MI S ?()14 MIS ?014
<br />12,535,000
<br />2,985,000
<br />(5
<br />15,585,234
<br />$ - $ 32,320,000
<br />Governmental
<br />Business -type
<br />12,835,000
<br />3,585,000 2,985,000
<br />3,585,000
<br />Activities
<br />Activities
<br />Total
<br />628,761
<br />Compensated absences
<br />2015
<br />2014
<br />2015
<br />2014
<br />2015
<br />2014
<br />Land
<br />$ 40,876,833
<br />$ 40,911,871
<br />$ 1,526,407
<br />$ 1,526,359
<br />$ 42,403,240
<br />$ 42,438,230
<br />Construction in progress
<br />3,602,680
<br />749,673
<br />13,745,714
<br />3,602,803
<br />17,348,394
<br />4,352,476
<br />Buildings
<br />27,851,240
<br />29,413,979
<br />9,369,167
<br />9,981,099
<br />37,220,407
<br />39,395,078
<br />Other improvements
<br />1,937,065
<br />2,246,132
<br />-
<br />-
<br />1,937,065
<br />2,246,132
<br />Equipment
<br />3,704,785
<br />3,717,618
<br />2,270,213
<br />2,094,310
<br />5,974,998
<br />5,811,928
<br />Infrastructure
<br />22,239,116
<br />34,583,324
<br />66,770,206
<br />56,342,412
<br />89,009,322
<br />90,925,736
<br />Total $100,211,719 $111,622,597 $ 93,681,707 $ 73,546,983 $193,893,426 $185,169,580
<br />Additional information on the City's capital assets can be found in Note 3C starting on page 64 of this report.
<br />Long-term debt. At the end of the current fiscal year, the City had total long-term debt outstanding of $65,373,434, an increase of
<br />$8,255,255 from 2014. General obligation improvement bonds ($32,320,000) were issued to finance the construction of a library, a
<br />recreation facility, a public safety/city hall facility and a public works facility. General obligation revenue bonds ($12,535,000) were
<br />used to finance sewer and water systems. Revenue bonds ($2,985,000) were used to finance electric system improvements. Special
<br />assessment bonds ($900,000) financed improvement projects within the City and are assessed to the benefiting properties.
<br />Bonds payable
<br />G-0. bonds
<br />G-0. revenue bonds
<br />Revenue bonds
<br />Special assessment bonds
<br />Issuance premium
<br />Total bonds payable, net
<br />City of Elk River Outstanding Debt
<br />Governmental
<br />Activities _
<br />2015 2014
<br />$ 32,320,000 $ 33,515,000 $
<br />900,000 1,210,000
<br />494 4S6 545 S?k
<br />33,714,456 35,270,528
<br />Business -type
<br />Activities Total
<br />MI S ?()14 MIS ?014
<br />12,535,000
<br />2,985,000
<br />(5
<br />15,585,234
<br />$ - $ 32,320,000
<br />$ 33,515,000
<br />12,835,000 12,535,000
<br />12,835,000
<br />3,585,000 2,985,000
<br />3,585,000
<br />- 900,000
<br />1,210,000
<br />83,233 559,690
<br />628,761
<br />16,503,233 49,299,690 51,773,761
<br />Contracts for deeds
<br />1,410,000
<br />1,410,000 -
<br />- 1,410,000
<br />1,410,000
<br />Notes payable
<br />-
<br />- 1,408,368
<br />1,599,876 1,408,368
<br />1,599,876
<br />Compensated absences
<br />1,466,238
<br />1,504,686 424,758
<br />410,814 1,890,996
<br />1,915,500
<br />Net pension liability
<br />7,589,597
<br />- 3,277,492
<br />- 10,867,089
<br />-
<br />Net OPEB obligation
<br />376,943
<br />317,929 120,348
<br />101,113 497,291
<br />419,042
<br />Total $ 44,557,234 $ 38,503,143 $ 20,816,200 $ 18,615,036 $ 65,373,434 $ 57,118,179
<br />Additional long-term debt in the amount of $1,410,000 is for a contract for deed, $1,408,368 is for notes payable, $1,890,996 is for
<br />compensated absences, $10,867,089 is for net pension liability, and $497,291 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 Market Value.
<br />The current debt limitation for the City of Elk River is $57,026,844. $8,627,815 of the City's net outstanding debt is counted within
<br />the statutory limitation.
<br />Additional information on the City of Elk River's long-term debt can be found in Note 3E starting on page 69 of this report.
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