|
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />I
<br />
<br />Proprietary funds. When the City of Elk River charges customers for the services it provides - whether to outside
<br />customers or to other departments of the City - these services are generally reported in proprietary funds. Proprietary
<br />funds are reported in the same way that all activities are reported in the statement of net assets and the statement of
<br />revenues, expenses, and changes in net assets. The enterprise funds are the same as the business-type activities reported in
<br />the government-wide statements but provide more detail and additional information, such as cash flows, for proprietary
<br />funds. The City of Elk River uses enterprise funds to account for its municipal liquor, garbage, sewer, water, and electric
<br />operations.
<br />
<br />The basic proprietary fund tiIi.ancial statements can be found on pages 25 - 32 of this report.
<br />
<br />Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government
<br />Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not
<br />available to support the City of Elk River's own program. The accounting used for fiduciary funds is much like that used
<br />for proprietary funds.
<br />
<br />The basic fiduciary fund fmancial statements can be found on page 33 of this report.
<br />
<br />Notes to Financial Statements. The notes provide additional information that is essential to a full understanding of the
<br />data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on
<br />pages 34 - 51 of this report.
<br />
<br />Other Information. The combining statements referred to earlier in connection with nonmajor governmental funds and
<br />internal service funds are presented immediately following the notes to financial statements. Combining and individual
<br />fund statements and schedules can be found on pages 52 - 70 of this report.
<br />
<br />Government-wide Financial Analysis
<br />
<br />As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. . In the case of
<br />the City of Elk River, assets exceeded liabilities by $162,532,500 at the close of the most recent fiscal year.
<br />
<br />By far, the largest portion of the City of Elk River's net assets (73 percent) reflects its investment in capital assets (e.g.,
<br />land, buildings, machinery, and equipment), less any related debt used to acquire those assets that is still outstanding. The
<br />City of Elk River uses these capital assets to provide services to citizens; consequently, these assets are not available for
<br />future spending. Although the City of Elk River's investment in its capital assets is reported net of related debt, it should
<br />be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets
<br />themselves cannot be used to liquidate these liabilities.
<br />
<br />Current and other assets
<br />Capital assets
<br />
<br /> Net Assets
<br />Governmental Business-type
<br />Activities Activities Total
<br />2004 2003 2004 2003 2004 2003
<br />$ 33,345,931 $ 33,614,992 $ 14,701,975 $ 14,935,172 $ 48,047,906 $ 48,550,164
<br />86.758.430 78.652.423 66.465.832 62.047.407 153.224.262 140.699.830
<br />120.104.361 112.267.415 81.167.807 76.982.579 201.272.168 189.249.994
<br />20,902,601 23,068,653 14,371,134 15,958,399 35,273,735 39,027,052
<br />1. 724.828 2.369.287 1.741.105 1.511.015 3.465.933 3.880.302
<br />22.627.429 25.437.940 16.1 12.239 17.469.414 38.739.668 42.907.354
<br />
<br />Total assets
<br />
<br />Long-term liabilities
<br />outstanding
<br />Other liabilities
<br />
<br />Total liabilities
<br />
<br />Net assets
<br />Invested in capital assets,
<br />net of related debt
<br />Restricted
<br />Unrestricted
<br />
<br />67,061,167 56,003,997 52,377,687 46,341,983 119,438,854 102,345,980
<br />10,963,518 8,383,884 10,963,518 8,383,884
<br />19.452.247 22.441.594 12.677.881 13.171.182 32.130.128 35.612.776
<br />$ 97476932 $ 86 829 475 $ 65 055 568 $ 59 513 165 $162532500 $146342640
<br /> 12
<br />
<br />Total net assets
<br />
|