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CITY OF ELK RIVER
<br />STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
<br />FUND BALANCES - GOVERNMENTAL FUNDS
<br />YEAR ENDED DECEMBER 31, 2019
<br />Other
<br />General
<br />Active ER
<br />Pavement
<br />Governmental
<br />Fund
<br />Projects
<br />Management
<br />Funds
<br />Totals
<br />REVENUE
<br />Property Taxes
<br />$ 11,171,848
<br />$
<br />$
<br />$ 1,840,129
<br />$ 13,011,977
<br />Sales Tax Revenue
<br />-
<br />652,665
<br />652,665
<br />Other Taxes
<br />158,232
<br />1,478,101
<br />-
<br />1,636,333
<br />Special Assessments
<br />-
<br />-
<br />58,416
<br />58,416
<br />Licenses and Permits
<br />822,899
<br />-
<br />-
<br />822,899
<br />Intergovernmental Revenue
<br />618,488
<br />389,407
<br />388,811
<br />1,396,706
<br />Charges for Services
<br />944,297
<br />-
<br />778,794
<br />1,723,091
<br />Fines and Forfeitures
<br />134,493
<br />32,294
<br />166,787
<br />Other Revenue:
<br />Landfill Expansion Fee
<br />-
<br />-
<br />2,081,124
<br />2,081,124
<br />Investment Earnings
<br />223,481
<br />189,286
<br />229,428
<br />778,482
<br />1,420,677
<br />Refunds and Reimbursements
<br />224,635
<br />-
<br />-
<br />52,588
<br />277,223
<br />Contributions
<br />25,000
<br />685,534
<br />710,534
<br />Miscellaneous Revenue
<br />55,939
<br />-
<br />77,681
<br />133,620
<br />Total Revenue
<br />14,379,312
<br />189,286
<br />2,096,936
<br />7,426,518
<br />24,092,052
<br />EXPENDITURES
<br />Current:
<br />General Government
<br />3,857,489
<br />-
<br />-
<br />147,428
<br />4,004,917
<br />Public Safety
<br />7,422,080
<br />198,917
<br />7,620,997
<br />Public Works
<br />2,103,742
<br />113,908
<br />2,217,650
<br />Culture and Recreation
<br />2,107,192
<br />861,655
<br />2,968,847
<br />Economic Development
<br />-
<br />540,763
<br />540,763
<br />Capital Outlay:
<br />General Government
<br />58,735
<br />58,735
<br />Public Safety
<br />365,811
<br />365,811
<br />Public Works
<br />-
<br />2,632,725
<br />917,004
<br />3,549,729
<br />Culture and Recreation
<br />11,341,197
<br />-
<br />1,316,481
<br />12,657,678
<br />Debt Service:
<br />Principal Retirement
<br />-
<br />1,315,000
<br />1,315,000
<br />Interest and Fiscal Charges
<br />-
<br />242,835
<br />-
<br />470,188
<br />713,023
<br />Total Expenditures
<br />15,490,503
<br />11,584,032
<br />2,632,725
<br />6,305,890
<br />36,013,150
<br />EXCESS (DEFICIENCY) OF REVENUE OVER
<br />(UNDER) EXPENDITURES
<br />(1,111,191)
<br />(11,394,746)
<br />(535,789)
<br />1,120,628
<br />(11,921,098)
<br />OTHER FINANCE SOURCES (USES)
<br />-
<br />Transfers In
<br />1,891,045
<br />1,397,893
<br />3,288,938
<br />Transfers Out
<br />(569,813)
<br />-
<br />(633,825)
<br />(1,203,638)
<br />Issuance of Bonds Payable
<br />32,715,000
<br />32,715,000
<br />Premium on Bonds Payable
<br />3,234,515
<br />-
<br />3,234,515
<br />Proceeds from Sale of Capital Assets
<br />-
<br />-
<br />127,190
<br />127,190
<br />Total Other Finance Sources
<br />1,321,232
<br />35,949,515
<br />891,258
<br />38,162,005
<br />NET CHANGE IN FUND BALANCES
<br />210,041
<br />24,554,769
<br />(535,789)
<br />2,011,886
<br />26,240,907
<br />FUND BALANCES
<br />Beginning of Year
<br />7,661,417
<br />-
<br />4,789,748
<br />18,326,114
<br />30,777,279
<br />End ofYear
<br />$ 7,871,458
<br />$ 24,554,769
<br />$ 4,253,959
<br />$ 20,338,000
<br />$ 57,018,186
<br />See accompanying Notes to Basic Financial Statements.
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