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<br />Management's Discussion and Analysis
<br />
<br />As management of the City of Elk River, we offer readers of the City's financial statements this narrative overview and
<br />analysis of the financial activities of the City for the fiscal year ended December 31,2004. We encourage readers to
<br />consider the information presented here in conjunction with the additional information that we have furnished in our letter
<br />of transmittal, which can be found on pages 1 - 4 of this report.
<br />
<br />Financial Highlights
<br />
<br />The assets of the City of Elk River exceeded its liabilities at the close of the most recent fiscal year by $162,532,500 (net
<br />assets). Of this amount, $34,910,022 (unrestricted net assets) may be used to meet the City's ongoing obligations to
<br />citizens and creditors.
<br />
<br />The City's total net assets increased by $16,189,860.
<br />
<br />As of the close of the current fiscal year, the City of Elk River's governmental funds reported combined ending fund
<br />balances of $25,535,690.
<br />
<br />General
<br />
<br />Special
<br />Revenue
<br />
<br />Total
<br />
<br />Debt
<br />Service
<br />
<br />Capital
<br />. Proiects
<br />
<br />Reserved
<br />Designated
<br />Undesignated
<br />
<br />$ 115,746
<br />3,851,634
<br />
<br />$ 5,690,200
<br />2,979,789
<br />1.617.406
<br />
<br />$ 5,879,803
<br />
<br />$
<br />5,683,687
<br />(282.575)
<br />
<br />$ 11,685,749
<br />12,515,110
<br />1.334.831
<br />
<br />$ 3.967 380
<br />
<br />$ 10.287.395
<br />
<br />$ 5 879 803
<br />
<br />$ 5.401.112
<br />
<br />$ 25.535.690
<br />
<br />The City of Elk River's total long-term liabilities decreased by $3,753,317 during the current fiscal year, from $39,027,052
<br />to $35,273,735.
<br />
<br /> Beginning Ending
<br /> Balance Additions Reductions Balance
<br />Governmental activities:
<br />Bonds payable $ 22,600,450 $ 331,000 $ (2,494,483) $ 20,436,967
<br />Contract for deed 47,976 (47,976)
<br />Compensated absences 420.227 309.411 (264.004) 465.634
<br />Total governmental activities 23.068.653 640.411 (2.806.463) 20.902.601
<br />Business-type activities:
<br />Bonds payable 12,930,000 940,000 (2,445,000) 11,425,000
<br />Notes payable 2,775,424 (112,279) 2,663,145
<br />Compensated absences 252.975 53.532 (23.518) 282.989
<br />Total business-type activities 15.958.399 993.952 (2.580.797) 14.371.134
<br />Total City long-term liabilities $ 39.027.052 $ 1.633 943 $ (5.387.260) $ 35.273.735
<br />Overview of the Financial Statements
<br />
<br />This discussion and analysis are intended to serve as an introduction to the City of Elk River's basic fmancial statements.
<br />The City's basic fmancial statements comprise three components: 1) government-wide fmancial statements, 2) fund
<br />financial statements, and 3) notes to the financial statements. This report also contains other supplemental information in
<br />addition to the basic financial statements themselves.
<br />
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