10.1. SR 06-05-2017 - Laserfiche WebLink

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CITY OF ELK RIVER MANAGEMENT'S DISCUSSION AND ANALYSIS ENDED DECEMBER 31, 2016 Notes to Financial Statements. The notes provide additional information that is essential to a full understanding of the data provided in the government -wide and fund financial statements. The notes to the financial statements can be found starting on page 37 of this report. Other Information. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City of Elk River's share of net pension liabilities (assets) for defined benefits plans, schedules of contributions, and progress in funding its obligation to provide pension and other postemployment benefits to its employees. Required supplementary information can be found starting on page 74 of this report. The combining statements referred to earlier in connection with nonmajor governmental funds are presented immediately following the required supplementary information. Combining and individual fund statements and schedules can be found starting on page 78 of this report. Government -wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the City of Elk River, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $201,389,885 at the close of the most recent fiscal year. By far, the largest portion of the City of Elk River's net position (75 percent) reflects its investment in capital assets (e.g., land, buildings, machinery, and equipment) less any related debt used to acquire those assets that is still outstanding. The City of Elk River uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City of Elk River's investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of the City of Elk River's net position (12.4 percent) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position ($16,766,563) may be used to meet the City of Elk River's ongoing obligations to citizens and creditors. (14) Governmental Activities Business -Type Activities Total 2016 2015 2016 2015 2016 2015 Current and Other Assets $ 41,740,557 $ 46,019,412 $ 33,038,957 $ 34,093,281 $ 74,779,514 $ 80,112,693 Capital Assets 97,910,819 100,211,719 107,714,850 93,681,707 205,625,669 193,893,426 Total Assets 139,651,376 146,231,131 140,753,807 127,774,988 280,405,183 274,006,119 Deferred Outflows of Resources 11,703,328 1,974,440 2,118,984 454,331 13,822,312 2,428,771 Noncurrent Liabilities Outstanding 39,193,949 44,557,234 29,692,408 20,816,200 68,886,357 65,373,434 Other Liabilities 13,189,478 2,338,153 7,862,145 4,980,591 21,051,623 7,318,744 Total Liabilities 52,383,427 46,895,387 37,554,553 25,796,791 89,937,980 72,692,178 Deferred Inflows of Resources 2,276,632 2,433,266 622,998 690,460 2,899,630 3,123,726 Net Position: Net Investment in Capital Assets 67,937,435 75,030,579 82,230,963 76,747,269 150,168,398 151,777,848 Restricted 11,990,647 3,675,588 997,660 490,500 12,988,307 4,166,088 Unrestricted 16,766,563 20,170,751 21,466,617 24,504,299 38,233,180 44,675,050 Total Net Position $ 96,694,645 $ 98,876,918 $ 104,695,240 $ 101 .742,068 $ 201,389.885 $ 200,618,986 An additional portion of the City of Elk River's net position (12.4 percent) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position ($16,766,563) may be used to meet the City of Elk River's ongoing obligations to citizens and creditors. (14)