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 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— $5,111,153, Sewer — $6,602,622, Garbage — $438,738, Storm Water — $1,181,615, Electric — $10,393,110, and Water — $7,771,982. All of the 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, other than an increase in the budgeted transfers in. Key factors are as follows: • Total revenue collections were 98% of budget. Licenses and permits were $132,981 under budget mainly due to the abatement of business liquor licenses resulting from the closure of the hospitality sector during 2020. Charges for services were under budget $159,536 largely due to the cancellation of recreational programs due to the pandemic. • Expenditures were under budget by $1,056,919. General government expenditures were $208,127 under budget and public safety expenditures were $599,287 under budget mainly due to personnel vacancies and savings related to conferences/schools 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, 2020, amounts to $239,011,261 (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 $18,017,816 or 8.2%. Major capital asset events during the current fiscal year included the following: • $1.3 million in additions to construction in progress related to the public safety facility and fire station #3. • $1 million in additions to construction in progress HVAC and energy improvements to city facilities. • Completion of the $27 million multi -purpose facility. • $3.5 million in park improvements. • $537,000 in public works equipment and $337,000 in public safety equipment. • A new storage facility for the Electric and Water departments. • Depreciation expense totaling $11,698,823. W