6.3. SR 06-15-2020 - Laserfiche WebLink

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Land Construction in Progress Intangible Assets Buildings Other Improvements Infrastructure Equipment Total Capital Assets Less: Accumulated Depreciation Total Capital Assets, Net CITY OF ELK RIVER MANAGEMENT'S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2019 Governmental Activities 2019 2018 $ 40,946,181 $ 40,927,633 12,883,985 - 44,997,927 45,048,097 6,557,771 6,557,771 71,116,985 70,437,858 14,298,469 13,849,140 190,801,318 176,820,499 Business -Type Activities 2019 2018 $ 1,843,977 $ 1,843,977 1,011,708 467,470 24,114,139 23,279,955 27,372,648 27,345,582 130, 506,501 129,022,079 11,625,356 11,338,300 Total 2019 2018 $ 42,790,158 $ 42,771,610 13,895,693 467,470 24,114,139 23,279,955 72,370,575 72,393,679 6,557,771 6,557,771 201,623,486 199,459,937 25,923,825 25,187,440 196,474,329 193,297,363 387,275,647 370,117,862 (84,966,178) (82,245,949) (81,316,024) (75,496,492) (166,282,202) (157,742,441) $ 105,835,140 $ 94,574,550 $ 115,158,305 $ 117,800,871 $ 220,993,445 $ 212,375,421 Long-term debt. At the end of the current fiscal year, the City had total long-term debt outstanding of $97,558,123, an increase of $32,889,126 from 2018. General obligation improvement bonds ($15,965,000) were issued to finance the construction of a library, a recreation facility, a public safety/city hall facility, a public works facility, and improvement projects within the City. General obligation revenue bonds ($42,310,000) were used to finance certain recreational facility improvements, park improvements, trail improvements, dredging of Lake Orono, and sewer and water systems. Revenue bonds ($19,825,000) were used to finance electric system improvements. Governmental Activities Business -Type Activities Total 2019 2018 2019 2018 2019 2018 General Obligation Bonds $ 15,965,000 $ 17,280,000 $ - $ - $ 15,965,000 $ 17,280,000 General Obligation Revenue Bonds 32,715,000 - 9,595,000 10,355,000 42,310,000 10,355,000 Revenue Bonds - - 19,825,000 20,685,000 19,825,000 20,685,000 Issuance Premium 3,511,113 352,016 818,036 870,336 4,329,149 1,222,352 Total Bonds Payable, Net 52,191,113 17,632,016 30,238,036 31,910,336 82,429,149 49,542,352 Notes Payable - - 619,692 820,608 619,692 820,608 Compensated Absences 1,607,604 1,579,967 491,365 504,447 2,098,969 2,084,414 Net Pension Liability 7,541,740 7,477,029 3,816,162 3,727,513 11,357,902 11,204,542 Other Postemployment Benefits 740,405 813,033 312,006 204,048 1,052,411 1,017,081 Total Outstanding Debt $ 62,080,862 $ 27,502,045 $ 35,477,261 $ 37,166,952 $ 97,558,123 $ 64,668,997 Additional long-term debt in the amount of $619,692 is for notes payable, $2,098,969 is for compensated absences, $11,357,902 is for the City's net pension liability, and $1,052,411 is for the City's total other postemployment benefits liability. The City maintains a bond rating of AA+ from Standard & Poor's for general obligation debt. State statutes limit the amount of general obligation debt a Minnesota City may issue to 3% of total Estimated Taxable Market Value. The current debt limitation for the City of Elk River is $71,232,177. $11,548,268 of the City's net outstanding debt is counted within the statutory limitation. Additional information on the City of Elk River's long-term debt can be found in Note 7 starting on page 54 of this report. (20)