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City of Ilk River Capital Assets
<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 $64,668,997, an
<br />increase of $5,026,679 from 2017. General obligation improvement bonds ($17,280,000) financed the construction of a
<br />recreation facility, a public safety/city hall facility, and a public works facility. General obligation revenue bonds
<br />($10,355,000) were used to finance sewer and water systems. Revenue bonds ($20,685,000) were used to finance
<br />electric system improvements.
<br />City of Elk River Outstanding Debt
<br />Governmental
<br />Business -type
<br />Activities
<br />Activities
<br />Total
<br />2018
<br />2017
<br />2018
<br />2017
<br />2018
<br />2017
<br />Land
<br />$ 40,927,633
<br />$ 40,984,633
<br />$ 1,843,977
<br />$ 1,843,977
<br />$ 42,771,610
<br />$ 42,828,610
<br />Construction in progress
<br />-
<br />23,415
<br />467,470
<br />736,872
<br />467,470
<br />760,287
<br />Buildings
<br />23,013,163
<br />24,559,757
<br />18,022,254
<br />18,867,534
<br />41,035,417
<br />43,427,291
<br />Other improvements
<br />2,309,751
<br />2,240,194
<br />-
<br />-
<br />2,309,751
<br />2,240,194
<br />Equipment
<br />4,483,814
<br />3,852,427
<br />7,723,803
<br />8,070,109
<br />12,207,617
<br />11,922,536
<br />Intangible assets
<br />-
<br />-
<br />23,114,072
<br />10,375,677
<br />23,114,072
<br />10,375,677
<br />Infrastructure
<br />23,840,189
<br />26,359,708
<br />66,629,295
<br />67,915,556
<br />90,469,484
<br />94,275,264
<br />Total
<br />$ 94,574,550
<br />$ 98,020,134
<br />$117,800,871
<br />$107,809,725
<br />$212,375,421
<br />$205,829,859
<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 $64,668,997, an
<br />increase of $5,026,679 from 2017. General obligation improvement bonds ($17,280,000) financed the construction of a
<br />recreation facility, a public safety/city hall facility, and a public works facility. General obligation revenue bonds
<br />($10,355,000) were used to finance sewer and water systems. Revenue bonds ($20,685,000) were used to finance
<br />electric system improvements.
<br />City of Elk River Outstanding Debt
<br />Additional long-term debt in the amount of $820,608 is for notes payable, $2,084,414 is for compensated absences,
<br />$1,017,081 is for other postemployment benefits obligations, and $11,204,542 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 $65,358,630. $12,762,883 of the City's net
<br />outstanding debt is counted within the statutory limitation.
<br />Additional information on the City's long-term debt can be found in Note 7 starting on page 52 of this report.
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<br />Governmental
<br />Business -type
<br />Activities
<br />Activities
<br />Total
<br />2018
<br />2017
<br />2018
<br />2017
<br />2018
<br />2017
<br />Bonds payable:
<br />General obligation bonds
<br />$ 17,280,000
<br />$ 18,560,000
<br />$ -
<br />$ -
<br />$ 17,280,000
<br />$ 18,560,000
<br />G.O. revenue bonds
<br />-
<br />-
<br />10,355,000
<br />11,105,000
<br />10,355,000
<br />11,105,000
<br />Revenue bonds
<br />-
<br />-
<br />20,685,000
<br />11,325,000
<br />20,685,000
<br />11,325,000
<br />Special assessment bonds
<br />-
<br />295,000
<br />-
<br />-
<br />-
<br />295,000
<br />Issuance premium
<br />352,016
<br />392,312
<br />870,336
<br />484,706
<br />1,222,352
<br />877,018
<br />Total bonds payable, net
<br />17,632,016
<br />19,247,312
<br />31,910,336
<br />22,914,706
<br />49,542,352
<br />42,162,018
<br />Notes payable
<br />-
<br />-
<br />820,608
<br />1,018,860
<br />820,608
<br />1,018,860
<br />Compensated absences
<br />1,579,967
<br />1,555,037
<br />504,447
<br />431,674
<br />2,084,414
<br />1,986,711
<br />Net OPEB obligation
<br />813,033
<br />468,119
<br />204,048
<br />156,161
<br />1,017,081
<br />624,280
<br />Net pension liability
<br />7,477,029
<br />9,389,558
<br />3,727,513
<br />4,460,891
<br />11,204,542
<br />13,850,449
<br />Total
<br />$ 27,502,045
<br />$ 30,660,026
<br />$ 37,166,952
<br />$ 28,982,292
<br />$ 64,668,997
<br />$ 59,642,318
<br />Additional long-term debt in the amount of $820,608 is for notes payable, $2,084,414 is for compensated absences,
<br />$1,017,081 is for other postemployment benefits obligations, and $11,204,542 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 $65,358,630. $12,762,883 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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