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Management's Discussion and Analysis
<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, 2018. We encourage readers to
<br />consider the information presented here in conjunction with the additional information that we have furnished in our
<br />letter of transmittal, which can be found on pages 1 - 3 of this report.
<br />Financial Highlights
<br />The assets and deferred outflows of resources of the City of Elk River exceeded its liabilities and deferred inflows of
<br />resources at the close of the most recent fiscal year by $209,688,313 (net position). Of this amount, $41,994,114
<br />(unrestricted net position) may be used to meet the City's ongoing obligations to citizens and creditors.
<br />The City's total net position increased by $5,194,969, an increase of $1,349,424 in the governmental activities
<br />attributable to grants and contributions in public works and an increase of $3,845,545 in the business -type activities
<br />attributable to revenues in excess of expenses of $3,823,092 in the Electric fund due to increased usage impacted by
<br />additional territory acquisition.
<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 $30,777,279.
<br />The City of Elk River's total long-term liabilities increased $7,279,785 during the current fiscal year, from $45,167,589
<br />to $52,447,374.
<br />Governmental activities:
<br />Bonds payable
<br />Compensated absences
<br />Total governmental activities
<br />Business -type activities:
<br />Bonds payable
<br />Notes payable
<br />Compensated absences
<br />Total business -type activities
<br />Total City long-term liabilities
<br />Beginning Ending
<br />Balance Additions Reductions Balance
<br />$ 19,247,312 $ - $ (1,615,296) $ 17,632,016
<br />1,555,037 611,591 (586,661) 1,579,967
<br />20,802,349 611,591 (2,201,957) 19,211,983
<br />22,914,706 10,435,104 (1,439,474) 31,910,336
<br />1,018,860 - (198,252) 820,608
<br />431,674 281,904 (209,131) 504,447
<br />24,365,240 10,717,008 (1,846,857) 33,235,391
<br />$ 45,167,589 $ 11,328,599 $ (4,048,814) $ 52,447,374
<br />Ilt
<br />Special
<br />Debt
<br />Capital
<br />General
<br />Revenue
<br />Service
<br />Projects
<br />Total
<br />Nonspendable
<br />$ 124,064
<br />$ 114,976
<br />$ -
<br />$ -
<br />$ 239,040
<br />Restricted
<br />-
<br />1,358,784
<br />1,473,230
<br />318,729
<br />3,150,743
<br />Committed
<br />-
<br />7,278,866
<br />-
<br />4,789,748
<br />12,068,614
<br />Assigned
<br />237,813
<br />-
<br />-
<br />10,716,044
<br />10,953,857
<br />Unassigned
<br />7,299,540
<br />-
<br />-
<br />(2,934,515)
<br />4,365,025
<br />$ 7,661,417
<br />$ 8,752,626
<br />$ 1,473,230
<br />$ 12,890,006
<br />$ 30,777,279
<br />The City of Elk River's total long-term liabilities increased $7,279,785 during the current fiscal year, from $45,167,589
<br />to $52,447,374.
<br />Governmental activities:
<br />Bonds payable
<br />Compensated absences
<br />Total governmental activities
<br />Business -type activities:
<br />Bonds payable
<br />Notes payable
<br />Compensated absences
<br />Total business -type activities
<br />Total City long-term liabilities
<br />Beginning Ending
<br />Balance Additions Reductions Balance
<br />$ 19,247,312 $ - $ (1,615,296) $ 17,632,016
<br />1,555,037 611,591 (586,661) 1,579,967
<br />20,802,349 611,591 (2,201,957) 19,211,983
<br />22,914,706 10,435,104 (1,439,474) 31,910,336
<br />1,018,860 - (198,252) 820,608
<br />431,674 281,904 (209,131) 504,447
<br />24,365,240 10,717,008 (1,846,857) 33,235,391
<br />$ 45,167,589 $ 11,328,599 $ (4,048,814) $ 52,447,374
<br />Ilt
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