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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />This section of the Elk River Municipal Utilities (the Utilities) of the City of Elk River, Minnesota annual financial report <br />December 31, 2021. Please <br />read it in conjunction with the financial statements, which follow this section. <br />Financial Highlights <br />The assets and deferred outflows of resources of the Utilities exceeded its liabilities and deferred inflows of <br />resources at the close of the most recent fiscal year by $75,101,658 (net position). Net Position increased by <br />$3,446,286 or 4.8 percent. The increase is mainly due to revenues in excess of expenses during the year. <br /> <br />cash balance at the close of the current fiscal year was $34,266,867. <br />Electric usage overall was up an average of 5.1 percent. Residential usage increased 5.8 percent, Commercial <br />usage increased 7.1 percent, and Industrial usage increased 4.5 percent. <br />Water usage overall was up an average of 14.3 percent from the prior year. Residential usage increased 17.5 <br />percent, and Commercial usage increased 10.8 percent. <br />Overview of the Financial Statements <br />This annual report consists of three parts: l Statements, and <br />Supplementary Information. The Financial Statements also include notes that explain in more detail some of the <br />information in the financial statements. <br />Required Financial Statements <br />The financial statements of the Utilities report information about the Utilities using accounting methods similar to those <br />used by the private sector. These statements offer short-term and long-term financial information about its activities. The <br />Statement of Net Position tion about the nature and <br />amounts of investments in resources (assets) and the obligations to UtiliIt also provides the <br />basis for computing rate of return, evaluating the capital structure of the Utilities and assessing the liquidity and financial <br />flexibility of the Utilities. <br />Expenses and Changes in Net Position. <br />year and can be used to determine whether the Utilities has successfully recovered all its costs through its user fees and <br />other charges, profitability, and credit worthiness. The final required financial statement is the Statements of Cash Flows. <br />s <br />during the reporting period. The statement reports cash receipts, cash payments and net changes in cash resulting from <br />operations, investing and financing activities and provides answers to such questions as where did cash come from, what <br />was cash used for and what was the change in the cash balance during the reporting period. <br /> <br />15 <br />87 <br />