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Elk River Municipal Utilities <br />Elk River, Minnesota <br />Table of Contents <br />For the Year Ended December 31, 2019 <br />Page No. <br />Introductory Section <br />Public Utilities Commission and Administration7 <br />Financial Section <br />Independent Auditor’s Report11 <br />Management’s Discussion and Analysis15 <br />Financial Statements <br />Statement of Net Position22 <br />Statementof Revenues, Expenses and Changes inNet Position25 <br />Statementof Cash Flows26 <br />Notes to the Financial Statements29 <br />Required Supplementary Information <br />Schedule of Employer’s Share of Public Employees Retirement Association Net Pension Liability - <br /> General Employees Retirement Fund50 <br />Schedule of Employer’s Public Employees Retirement Association Contributions - <br /> General Employees Retirement Fund50 <br />Notes to the Required Supplementary Information - General Employees Retirement Fund51 <br />Schedule of Changes in the Employer’s OPEB Liability and Related Ratios52 <br />Supplementary Information <br />Schedule of Operating Revenues and Expenses54 <br />Electric Fund <br /> Summary of Operations and Unaudited Statistics56 <br />Water Fund <br /> Summary of Operations and Unaudited Statistics 58 <br />Other Report <br />Independent Auditor’s Report <br />on Minnesota Legal Compliance63 <br />3 <br />93 <br />