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<br />2017 2016 2017 2016 2017 2016
<br />Land 40,984,633$ 40,876,833$ 1,843,977$ 1,609,491$ 42,828,610$ 42,486,324$
<br />Intangible assets - - 10,375,677 9,804,951 10,375,677 9,804,951
<br />Construction in progress 23,415 437,501 736,872 3,714,934 760,287 4,152,435
<br />Buildings 24,559,757 26,204,505 18,800,729 16,844,345 43,360,486 43,048,850
<br />Other improvements 2,240,194 1,676,441 - - 2,240,194 1,676,441
<br />Equipment 3,852,427 3,973,515 8,184,069 8,365,622 12,036,496 12,339,137
<br />Infrastructure 26,359,708 24,742,024 67,868,401 67,375,507 94,228,109 92,117,531
<br />Total 98,020,134$ 97,910,819$ 107,809,725$ 107,714,850$ 205,829,859$ 205,625,669$
<br />Activities Activities Total
<br />City of Elk River Capital Assets
<br />Governmental Business-type
<br /> (Net of Depreciation)
<br />Additional information on the city’s capital assets can be found in Note 5 starting on page 48 of this report.
<br />Long-term debt. At the end of the current fiscal year, the City had total long-term debt outstanding of $59,642,318, a
<br />decrease of $22,264,421 from 2016. General obligation improvement bonds ($18,560,000) financed the construction of
<br />a recreation facility, a public safety/city hall facility, and a public works facility. General obligation revenue bonds
<br />($11,105,000) were used to finance sewer and water systems. Revenue bonds ($11,325,000) were used to finance
<br />electric system improvements. Special assessment bonds ($295,000) financed improvement projects within the City
<br />and are assessed to the benefiting properties.
<br />2017 2016 2017 2016 2017 2016
<br />Bonds payable:
<br />General obligation bonds 18,560,000$ 28,935,000$ -$ -$ 18,560,000$ 28,935,000$
<br />G.O. revenue bonds - - 11,105,000 11,830,000 11,105,000 11,830,000
<br />Revenue bonds - - 11,325,000 11,955,000 11,325,000 11,955,000
<br />Special assessment bonds 295,000 595,000 - - 295,000 595,000
<br />Issuance premium 392,312 443,384 484,706 536,331 877,018 979,715
<br /> Total bonds payable, net 19,247,312 29,973,384 22,914,706 24,321,331 42,162,018 54,294,715
<br />Notes payable - - 1,018,860 1,214,076 1,018,860 1,214,076
<br />Compensated absences 1,555,037 1,494,429 431,674 475,132 1,986,711 1,969,561
<br />Net OPEB obligation 468,119 426,720 156,161 138,683 624,280 565,403
<br />Net pension liability 9,389,558 18,541,368 4,460,891 5,321,616 13,850,449 23,862,984
<br />Total 30,660,026$ 50,435,901$ 28,982,292$ 31,470,838$ 59,642,318$ 81,906,739$
<br />City of Elk River Outstanding Debt
<br />TotalActivities
<br />Governmental Business-type
<br />Activities
<br />Additional long-term debt in the amount of $1,018,860 is for notes payable, $1,986,711 is for compensated absences,
<br />$624,280 is for other postemployment benefits obligations, and $13,850,449 is for net pension liability.
<br />The City maintains a bond rating of AA+ from Standard & Poor’s for general obligation debt.
<br />State statutes limit the amount of general obligation debt a Minnesota City may issue to 3% of total Estimated Taxable
<br />Market Value. The current debt limitation for the City of Elk River is $61,802,478. $13,953,921 of the City’s net
<br />outstanding debt is counted within the statutory limitation.
<br />Additional information on the City’s long-term debt can be found in Note 7 starting on page 52 of this report.
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