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UTILITY FINANCIAL STATEMENTS
<br /> The tables on the following pages provide the Utility's Statement of Net Position; Statement of Revenues,
<br /> Expenses and Changes in Fund Net Position; Statement of Cash Flows of the Electric System for the
<br /> years ended December 31, 2010 through 2014. The financial statement information was taken from the
<br /> City's audited comprehensive annual financial reports and should be read in conjunction with the City's
<br /> 2014 Comprehensive Annual Financial Report ("CAFR"), an excerpt of which is provided as Appendix
<br /> III of this Official Statement. (The City's CAFR for the fiscal year ended December 31, 2015 is not yet
<br /> available.) Please reference the Utility's Annual Financial Report for fiscal year ended December 31,
<br /> 2015,an excerpt of which is included as Appendix IV of this Official Statement.
<br /> CITY OF ELK RIVER,MINNESOTA
<br /> Elk River Municipal Utilities-Electric System
<br /> Statement of Net Position
<br /> For Fiscal Years Ended December 31
<br /> 2010 2011* 2012 2013 2014
<br /> ASSETS
<br /> Current Assets
<br /> Cash and Investments $ 6,587,017 $ 8,380,396 $ 10,646,164 $ 11,410,293 $ 11,606,610
<br /> Restricted Cash and Investments 724,500 724,500 724,500 647,000 490,500
<br /> Receivables:
<br /> Interest 1,116 4,749 9,286 13,225 363
<br /> Accounts 2,455,731 2,503,609 2,318,928 2,488,572 2,599,664
<br /> Due from Other Governments 1,627 1,627 - 12,209 25,832
<br /> Due from Other Funds 7,264 - - - -
<br /> Inventories 1,018,092 997,125 928,800 963,608 979,129
<br /> Prepaid Items 140,116 122,066 187,839 178,028 175,687
<br /> Total Current Assets $ 10,935,463 $ 12,734,072 $ 14,815,517 $ 15,712,935 $ 15,877,785
<br /> Noncurrent Assets
<br /> Deferred Charges $ 114,775 $ - $ - $ - $ -
<br /> Capital Assets:
<br /> Nondepreciable 607,711 401,074 514,396 1,818,210 470,352
<br /> Depreciable 51,051,029 52,384,131 53,494,906 54,095,276 46,395,743
<br /> Accumulated Depreciation (23,869,917) (25,885,141) (27,883,481) (28,786,989) (20,038,050)
<br /> Total Capital Assets $ 27,788,823 $ 26,900,064 $ 26,125,821 $ 27,126,497 $ 26,828,045
<br /> Total Noncurrent Assets $ 27,903,598 $ 26,900,064 $ 26,125,821 $ 27,126,497 $ 26,828,045
<br /> TOTAL ASSETS $ 38,839,061 $ 39,634,136 $ 40,941,338 $ 42,839,432 $ 42,705,830
<br /> DEFERRED OUTFLOWS OF RESOURCES
<br /> Deferred Charge on Refunding $ - $ 73,603 $ 67,011 $ 60,419 $ 53,827
<br /> LIABILITIES
<br /> Current Liabilities
<br /> Accounts Payable $ 2,138,206 $ 2,376,698 $ 2,246,876 $ 3,233,508 $ 2,575,115
<br /> Salaries Payable 71,655 74,499 81,732 134,394 150,914
<br /> Due to Other Governments 122,278 193,408 155,225 - 129,298
<br /> Due to Other Funds 379,921 372,554 456,681 550,216 603,790
<br /> Unearned Revenue - - 8,262 - -
<br /> Accrued Interest 111,260 103,131 94,796 82,026 58,867
<br /> Compensated Absences Payable(Current) 113,845 92,925 101,094 106,070 58,906
<br /> Notes Payable(Current) 182,436 183,444 186,588 189,353 191,518
<br /> Bonds Payable(Current) 548,000 559,000 588,000 503,000 672,000
<br /> Total Current Liabilities $ 3,667,601 $ 3,955,659 $ 3,919,254 $ 4,798,567 $ 4,440,408
<br /> Noncurrent Liabilities
<br /> Compensated Absences Payable $ 100,788 $ 122,119 $ 115,973 $ 137,437 $ 153,350
<br /> Net Other Postemployment Benefits Obligation 30,096 35,759 40,360 45,042 54,932
<br /> Notes Payable 2,162,882 1,979,438 1,789,224 1,599,871 1,408,358
<br /> Bonds Payable 6,483,597 6,001,525 5,410,254 4,678,983 3,733,556
<br /> Total Noncurrent Liabilities $ 8,777,363 $ 8,138,841 $ 7,355,811 $ 6,461,333 $ 5,350,196
<br /> TOTAL LIABILITIES $ 12,444,964 $ 12,094,500 $ 11,275,065 $ 11,259,900 $ 9,790,604
<br /> NET POSITION
<br /> Invested in Capital Assets(Net of Related Debt) $ 18,411,908 $ 18,250,260 $ 18,218,766 $ 20,215,709 $ 20,876,440
<br /> Restricted for Debt Service 724,500 724,500 724,500 647,000 490,500
<br /> Unrestricted 7,257,689 8,638,479 10,790,018 10,777,242 11,602,113
<br /> TOTAL NET POSITION $ 26,394,097 $ 27,613,239 $ 29,733,284 $ 31,639,951 $ 32,969,053
<br /> *Restated.
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