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CITY OF ELK RIVER
<br />MANAGEMENT'S DISCUSSION AND ANALYSIS
<br />ENDED DECEMBER 31, 2016
<br />As management of the City of Elk River, we offer readers of the City's financial statements this
<br />narrative overview and analysis of the financial activities of the City for the fiscal year ended December
<br />31, 2016. We encourage readers to consider the information presented here in conjunction with the
<br />additional information that we have furnished in our letter of transmittal, which can be found on pages 4
<br />- 7 of this report.
<br />Financial Highlights
<br />The assets and deferred outflows of resources of the City of Elk River exceeded its liabilities and
<br />deferred inflows at the close of the most recent fiscal year by $201,389,885 (net position). Of this
<br />amount, $50,223,827 (unrestricted net position) may be used to meet the City's ongoing obligations to
<br />citizens and creditors.
<br />The City's total net position increased by $770,899, attributable to revenues in excess of expenses of
<br />$2.4 million in the Electric fund due to increased usage impacted by the additional territory acquisition.
<br />As of the close of the current fiscal year, the City of Elk River's governmental funds reported combined
<br />ending fund balances of $38,334,630.
<br />-
<br />g
<br />Ending
<br />BUSINESS -TYPE ACTIVITIES
<br />Balance
<br />e
<br />y
<br />Balance
<br />,384
<br />Special
<br />1,410,000
<br />Capital
<br />-
<br />General
<br />Revenue
<br />Debt Service
<br />Projects
<br />Total
<br />Nonspendable $ 20,964
<br />$ 108,176
<br />$ -
<br />$ $
<br />129,140
<br />Restricted -
<br />1,405,144
<br />10,840,535
<br />-
<br />12,245,679
<br />Committed -
<br />5,438,226
<br />-
<br />3,811,788
<br />9,250,014
<br />Assigned 266,832
<br />1,338,446
<br />11,294,502
<br />12,899,780
<br />Unassigned 6,470,281
<br />-
<br />-
<br />(2,660,264)
<br />3,810,017
<br />Total Net Position $ 6,758,077
<br />$ 8,289,992
<br />$ 10,840,535
<br />$ 12,446,026 $
<br />38,334,630
<br />19
<br />The City of Elk River's total long-term liabilities increased $3,469,298 during the current fiscal year,
<br />from $54,009,054 to $57,478,352.
<br />Beginning Endin
<br />GOVERNMENTAL ACTIVITIES Balance Additions Reductions Balanc
<br />Bonds Payable $ 33,714,456 $ - $(3,741,072) $ 29,973
<br />Beginning
<br />g
<br />Ending
<br />BUSINESS -TYPE ACTIVITIES
<br />Balance
<br />e
<br />y
<br />Balance
<br />,384
<br />Contracts for Deeds
<br />1,410,000
<br />- (1,410,000)
<br />-
<br />Compensated Absences
<br />1,466,238
<br />587,837 (559,646)
<br />1,494,429
<br />Total
<br />36,590,694
<br />587,837 (5,710,718)
<br />31,467,813
<br />Beginning
<br />Ending
<br />BUSINESS -TYPE ACTIVITIES
<br />Balance
<br />Additions
<br />Reductions
<br />Balance
<br />Bonds Payable
<br />$ 15,585,234
<br />$ 11,630,525
<br />$ (2,894,428)
<br />$ 24,321,331
<br />Notes Payable
<br />1,408,368
<br />-
<br />(194,292)
<br />1,214,076
<br />Compensated Absences
<br />424,758
<br />194,008
<br />(143,634)
<br />475,132
<br />Total
<br />17,418,360
<br />11,824,533
<br />(3,232,354)
<br />26,010,539
<br />
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