6.1. SR 06-07-2021 - Laserfiche WebLink

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CITY OF ELK RIVER, MINNESOTA MANAGEMENT'S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2020 Revenues by Source - Business -Type Activities Capital Grants a Contributions, 5. Financial Analysis of the Government's Funds ✓enue, :harges for Services, 92.99% Governmental Funds. The focus of the City's governmental funds is to provide information on near - term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the City's governmental funds reported combined ending fund balances of $58,504,345. Approximately 9% of this total amount ($5,315,062) constitutes unassigned fund balance. The remainder of fund balance ($53,189,283) is not available for new spending because it is either 1) nonspendable ($282,876), 2) restricted ($26,250,482), 3) committed ($11,705,506) or 4) assigned ($14,950,419) for other purposes. The General fund is the chief operating fund of the City of Elk River. The total fund balance of the General fund increased $379,270 during the current year, resulting primarily from budgeted transfers in. The Active ER Projects fund decreased $18,468,870 due to capital outlay expenditures incurred for the acquisition and betterment of certain recreational facility improvements, park improvements, trail improvements, and the dredging of Lake Orono, which were paid for with proceeds from the 2019 G.O. Sales Tax Revenue Bonds. The Pavement Management fund increased $1,458,923 due to the collection of franchise fees and intergovernmental revenues exceeding expenditures in the current year. (18)