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<br />.. <br /> <br />. <br /> <br />. <br /> <br />May 7, 1999 <br /> <br />MAYOR & COUNCILMEMBERS, <br />CITY ADMINISTRATOR AND DEPARTMENT HEADS, <br />CITIZENS, AND INTERESTED PERSONS: <br /> <br />The Finance Department is pleased to submit for your review the City of Elk <br />River's Comprehensive Annual Financial Report for the year ended December <br />31, 1998, and the Finance Department's 1998 Annual Report. <br /> <br />Please refer to the Comprehensive Annual Financial Report for all financial <br />information relating to the operations and financial position of the City. The <br />CAFR contains three sections; the introductory section contains a transmittal <br />letter from the Finance Director outlining major initiatives and other financial <br />information on General Fund revenues, expenditures, and fund balance and <br />enterprise funds. The information is presented on a multi-year basis for <br />comparison purposes. The transmittal letter also discusses major issues of <br />importance to the City in 1998. The second section of the Report, the financial <br />section, includes all of the detailed financial statements for all funds and <br />information on bonded indebtedness. The final section, the statistical section, <br />includes demographic and selected financial information providing a ten year <br />historical prospective of the City. <br /> <br />This Report will review and provide additional information on portions of the data <br />from the statistical section of the CAFR. In addition, this Report will focus on <br />selected issues of relevance to department; however, no detailed financial <br />information will be provided. <br /> <br />Finally, as in the past, there are several items included in the Report which will <br />require Council action at some point. Additional information on each of these <br />items will be presented to the Council at a later date. <br /> <br /> <br />Lori Johnson <br />Finance Director <br />