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CITY OF ELK RIVER, MINNESOTA
<br />MANAGEMENT'S DISCUSSION AND ANALYSIS
<br />YEAR ENDED DECEMBER 31, 2020
<br />At the end of the current fiscal year, the City of Elk River is able to report positive balances in all three
<br />categories of net position, both for the City as a whole, as well as for its separate governmental and
<br />business -type activities.
<br />REVENUES
<br />Program Revenues:
<br />Charges for Services
<br />Operating Grants and Contributions
<br />Capital Grants and Contributions
<br />General Revenues:
<br />Property Taxes
<br />Sales Tax
<br />Other Taxes
<br />Unrestricted Investment Earnings
<br />Grants and Contributions Not Restricted
<br />Miscellaneous Revenue
<br />Gain on Sale of Capital Assets
<br />Total Revenues
<br />EXPENSES
<br />General Government
<br />Public Safety
<br />Public Works
<br />Culture and Recreation
<br />Economic Development
<br />Interest on Long -Term Debt
<br />Municipal Liquor
<br />Sewer
<br />Garbage
<br />Storm Water
<br />Electric
<br />Water
<br />Total Expenses
<br />CHANGE IN NET POSITION BEFORE
<br />TRANSFERS
<br />Governmental Activities
<br />2020
<br />2019
<br />Business -Type Activities
<br />2020 2019
<br />Total
<br />2020 2019
<br />$ 2,407,238
<br />$ 2,995,949
<br />$ 54,066,962
<br />$ 53,372,888
<br />$ 56,474,200
<br />$ 56,368,837
<br />3,354,583
<br />1,396,313
<br />-
<br />1,200
<br />3,354,583
<br />1,397,513
<br />3,254,122
<br />1,509,650
<br />3,331,984
<br />1,277,596
<br />6,586,106
<br />2,787,246
<br />13,972,068
<br />13,022,991
<br />-
<br />-
<br />13,972,068
<br />13,022,991
<br />3,030,938
<br />652,665
<br />3,030,938
<br />652,665
<br />1,698,040
<br />1,636,333
<br />-
<br />-
<br />1,698,040
<br />1,636,333
<br />1,240,595
<br />1,420,677
<br />716,582
<br />704,099
<br />1,957,177
<br />2,124,776
<br />2,644,469
<br />2,588,461
<br />-
<br />-
<br />2,644,469
<br />2,588,461
<br />56,457
<br />-
<br />-
<br />-
<br />56,457
<br />-
<br />-
<br />41,698
<br />26,770
<br />8,280
<br />26,770
<br />49,978
<br />31,658,510
<br />25,264,737
<br />58,142,298
<br />55,364,063
<br />89,800,808
<br />80,628,800
<br />4,526,987
<br />3,786,257
<br />-
<br />-
<br />4,526,987
<br />3,786,257
<br />8,372,884
<br />9,188,562
<br />8,372,884
<br />9,188,562
<br />4,468,711
<br />5,920,022
<br />4,468,711
<br />5,920,022
<br />6,080,466
<br />4,094,690
<br />6,080,466
<br />4,094,690
<br />691,956
<br />540,497
<br />691,956
<br />540,497
<br />1,490,127
<br />979,755
<br />-
<br />-
<br />1,490,127
<br />979,755
<br />-
<br />-
<br />7,119,662
<br />6,772,414
<br />7,119,662
<br />6,772,414
<br />3,672,176
<br />3,550,622
<br />3,672,176
<br />3,550,622
<br />1,565,482
<br />1,456,482
<br />1,565,482
<br />1,456,482
<br />571,170
<br />1,024,928
<br />571,170
<br />1,024,928
<br />34,565,317
<br />35,200,295
<br />34,565,317
<br />35,200,295
<br />-
<br />-
<br />2,697,201
<br />2,703,390
<br />2,697,201
<br />2,703,390
<br />25,631,131
<br />24,509,783
<br />50,191,008
<br />50,708,131
<br />75,822,139
<br />75,217,914
<br />6,027,379
<br />754,954
<br />7,951,290
<br />4,655,932
<br />13,978,669
<br />5,410,886
<br />Transfers and Contributions
<br />2,280,880
<br />2,085,300
<br />(2,280,880)
<br />(2,085,300)
<br />CHANGE IN NET POSITION
<br />8,308,259
<br />2,840,254
<br />5,670,410
<br />2,570,632 13,978,669 5,410,886
<br />Net Position - Beginning of Year
<br />101,853,813
<br />99,013,559
<br />113,245,386
<br />110,674,754 215,099,199 209,688,313
<br />NET POSITION - END OF YEAR
<br />$ 110,162,072
<br />$ 101,853,813
<br />$ 118,915,796
<br />$ 113,245,386 $ 229,077,868 $ 215,099,199
<br />Governmental Activities. Governmental activities account for 48% of the City of Elk River's net
<br />position. Governmental activities increased the City's net position by $8,308,259. Key elements of the
<br />relevant changes are as follows:
<br />• $2,378,000 increase in sales taxes related to the implementation of a local sales tax in
<br />the fall of 2019 to fund park and recreation improvements.
<br />• $949,000 increase in property taxes related to the increase in the tax levy.
<br />• $1,875,000 federal grant associated with the COVID-19 pandemic.
<br />• $1,900,000 special assessments were levied to fund infrastructure improvements.
<br />• $2,044,000 increase in culture and recreation expenses is related to operations of the
<br />newly constructed multipurpose facility and the various park improvements associated
<br />with the Active Elk River projects.
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