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<br />FUNDS ON HAND <br />As of August 31, 1999 <br /> <br />Fund <br /> <br />General <br />Special Revenue <br />Debt Service: <br />Tax Increment <br />Special Assessment <br />Tax <br />Revenue <br />Capital Projects <br />Enterprise <br /> <br />Total City Funds <br /> <br />Water & Electric Utility <br />Water <br />Electric <br /> <br />Total Utility Funds <br /> <br />Cash and Investments <br /> <br />$ 1,587,517 <br />5,998,325 <br /> <br />128,527 <br />1,141,518* <br />124,729 <br />268,888 <br />2,259,541 <br />3.485.916 <br /> <br />$17,694,960 <br /> <br />$ 1,571,643 <br />1 .696,867 <br />$ 3,268,510 <br /> <br />* <br /> <br />Excludes $2,700,000 being used to refund the Series 1994A Bonds and defease the Series 1994E <br />Bonds. <br /> <br />CITY INVESTMENTS <br /> <br />The City's investment policy, by order of priority, emphasize safety of principal, liquidity and rate <br />of return. As of August 31,1999, the City had total investments purchasedat $15,536,322 with <br />a value at maturity of $16,530,000. This includes $2,700,000 being used to refund the Series <br />1994A Bonds and defease the Series 1994E Bonds. Of the total maturity value, 8.3% was <br />invested in Certificates of Deposit, 44.2% in Commercial Paper, and 52.5% in U.S. government <br />agency investments. 72.1 % of invested funds will mature prior to October 31, 2004. <br /> <br />GENERAL INFORMATION CONCERNING THE CITY <br /> <br />Elk River is situated on the Mississippi River in southeastern Sherburne County, adjacent to the <br />seven-county metropolitan area. Sherburne County has been designated a component of the <br />13-county Twin Cities Metropolitan Statistical Area (MSA) by the U.S. Bureau of the Census. <br />The City has a land area of approximately 43 square miles (27,840 acres). The City's <br />population growth is described in the table below: <br /> <br />Year <br /> <br />1998 (Estimate)* <br />1990 (U.S. Census) <br />1980 (U.S. Census) <br />1970 (U.S. Census) <br /> <br />Population <br />14,667 <br />11 , 143 <br />6,785 <br />2,749 <br /> <br />% Increase <br />31% <br />64 <br />147 <br /> <br />Source: U. S. Census, State Demographer <br /> <br />-15- <br />