6.3. SR 06-15-2020 - Laserfiche WebLink

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CITY OF ELK RIVER MANAGEMENT'S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2019 Proprietary funds. The City of Elk River's proprietary funds provide the same type of information found in the government -wide statements, but in more detail. Unrestricted net position in the respective proprietary funds are Municipal Liquor — $4,732,801, Sewer — $5,261,879, Garbage — $348,539, Storm Water — $691,640, Electric — $9,617,103, and Water — $7,005,033. The Sewer fund net position decreased $360,871 due to budgeted transfers for administrative expenses and pension related adjustments and the Storm Water fund net position decreased $489,401 due mainly to storm water maintenance projects completed every other year. All other proprietary funds had increases in net position. General Fund Budgetary Highlights There was no difference between the original budget and the final budget for the General fund. Key factors are as follows: • Total revenue collections were 101% of budget. Intergovernmental revenues were $46,988 over budget, investment earnings were $123,481 over budget, refund and reimbursements were $94,635 over budget, and miscellaneous revenues were $49,439 over budget. These were partially offset by charges for services ending the year $56,403 under budget. • Expenditures were under budget by $398,697. Public safety expenditures were $296,120 under budget mainly due to employee wages and benefits under budget as a result of personnel vacancies. Public works expenditure were $56,158 under budget primarily due to savings related to contractual services for street maintenance and utilities expenditures ending the year lower than budgeted. Capital Asset and Debt Administration Capital Assets. The City of Elk River's investment in capital assets for its governmental and business type activities as of December 31, 2019, amounts to $220,993,445 (net of accumulated depreciation). This investment in capital assets includes land, buildings, improvements, equipment and infrastructure. The total increase in the City of Elk River's investment in capital assets for the current year was $8,618,024 or 4%. Major capital asset events during the current fiscal year included the following: • $11.7 million in additions to construction in progress related to the multi -purpose facility. • $907,000 in additions to construction in progress for the YAC 2019 project. • $349,000 in public safety equipment. • $577,000 in public works equipment. • Completion of the $2.3 million 2019 street project. • Depreciation expense totaling $11,393,320. MR