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Revenues:
<br />Program revenues:
<br />Charges for services
<br />Operating grants and contributions
<br />Capital grants and contributions
<br />General revenues:
<br />Property taxes
<br />Other taxes
<br />Unrestricted investment earnings
<br />Miscellaneous revenue
<br />Gain on disposal of capital assets
<br />Total revenues
<br />Expenses:
<br />General government
<br />Public safety
<br />Public works
<br />Culture and recreation
<br />Economic development
<br />Interest on long-term debt
<br />Municipal liquor
<br />Garbage
<br />Sewer
<br />Storm Water
<br />Water
<br />Electric
<br />Total expenses
<br />City of Hk River Changes in Net Position
<br />Governmental
<br />Business -type
<br />Activities
<br />Activities
<br />Total
<br />2018
<br />2017
<br />2018
<br />2017
<br />2018
<br />2017
<br />$ 3,143,111 $
<br />3,544,605
<br />$ 53,452,010 $
<br />49,950,014
<br />$ 56,595,121 $
<br />53,494,619
<br />1,381,151
<br />1,319,377
<br />-
<br />-
<br />1,381,151
<br />1,319,377
<br />1,721,638
<br />3,187,830
<br />2,295,004
<br />2,196,626
<br />4,016,642
<br />5,384,456
<br />12,192,911
<br />11,645,328
<br />-
<br />-
<br />12,192,911
<br />11,645,328
<br />1,591,663
<br />1,543,086
<br />-
<br />-
<br />1,591,663
<br />1,543,086
<br />430,642
<br />498,235
<br />467,294
<br />231,599
<br />897,936
<br />729,834
<br />1,754,373
<br />1,720,932
<br />-
<br />-
<br />1,754,373
<br />1,720,932
<br />-
<br />116,012
<br />2,462
<br />17,500
<br />2,462
<br />133,512
<br />22,215,489
<br />23,575,405
<br />56,216,770
<br />52,395,739
<br />78,432,259
<br />75,971,144
<br />3,981,134
<br />3,932,100
<br />-
<br />-
<br />3,981,134
<br />3,932,100
<br />7,398,041
<br />7,670,839
<br />7,398,041
<br />7,670,839
<br />5,619,836
<br />6,803,504
<br />5,619,836
<br />6,803,504
<br />4,474,619
<br />4,157,960
<br />4,474,619
<br />4,157,960
<br />969,443
<br />1,221,761
<br />969,443
<br />1,221,761
<br />486,630
<br />549,303
<br />-
<br />-
<br />486,630
<br />549,303
<br />-
<br />-
<br />6,233,700
<br />6,030,973
<br />6,233,700
<br />6,030,973
<br />1,588,956
<br />1,521,803
<br />1,588,956
<br />1,521,803
<br />3,504,489
<br />3,377,828
<br />3,504,489
<br />3,377,828
<br />634,073
<br />774,805
<br />634,073
<br />774,805
<br />2,666,149
<br />2,856,343
<br />2,666,149
<br />2,856,343
<br />-
<br />-
<br />35,680,220
<br />33,688,690
<br />35,680,220
<br />33,688,690
<br />22,929,703
<br />24,335,467
<br />50,307,587
<br />48,250,442
<br />73,237,290
<br />72,585,909
<br />Change in net position before transfers (714,214) (760,062) 5,909,183 4,145,297
<br />Transfers
<br />Change in net position
<br />Net position - beginning,
<br />as restated (Note 15)
<br />Net position - ending
<br />2,063,638 1,971,250 (2,063,638) (1,971,250)
<br />5,194,969 3,385,235
<br />1,349,424 1,211,188 3,845,545 2,174,047 5,194,969 3,385,235
<br />97,664,135 96,694,646 106,829,209 104,695,240 204,493,344 201,389,886
<br />$ 99,013,559 $ 97,905,834 $ 110,674,754 $ 106,869,287 $ 209,688,313 $ 204,775,121
<br />Governmental Activities. Governmental activities account for 47 percent of the City of Elk River's net position.
<br />Governmental activities increased the City's net position by $1,349,424. Key elements of the relevant changes are as
<br />follows:
<br />• Program expenses decreased $1,405,764 or 6%, program revenues decreased $1,805,912 or 22%, and
<br />general revenues increased $445,996 or 3%.
<br />• The decrease in public works expenses is due to the establishment of a quiet zone along the railroad
<br />corridor through Elk River that was completed in 2017.
<br />• The City's pension expense decreased $920,187 compared to the expense in the prior year due to a
<br />change in actuarial assumptions in 2018.
<br />• The charges for services decrease is related to larger commercial building projects in 2017 than in
<br />2018.
<br />• The decrease in grants and contributions is related to state aid reimbursement in 2017 for street
<br />improvement projects. The City plans for major street improvement projects every odd year.
<br />• Property taxes increased by $547,583 due to the increased tax levy from the prior year and the related
<br />additional collections.
<br />14
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