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City of Elk River <br />Management's Discussion and Analysis <br />OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) <br />Required Supplementary Information. In addition to the basic financial statements and accompanying <br />notes, this report also presents certain Required Supplementary Information concerning the City of Elk <br />River's share of net pension liabilities for defined benefit plans, schedule of contributions, and progress <br />in funding its obligation to provide pension and other postemployment benefits to its employees. <br />Required Supplementary Information can be found starting on page 104 of this report. <br />Other Information. The combining statements referred to earlier in connection with nonmajor <br />governmental funds are presented following the notes to the financial statements. Combining and <br />individual fund financial statements and schedules start on page 120 of this report. <br />GOVERNMENT -WIDE FINANCIAL ANALYSIS <br />As noted earlier, net position may serve over time as a useful indicator of a government's financial <br />position. In the case of the City, assets and deferred outflows exceeded liabilities and deferred inflows <br />by $237,291,855 at the close of the most recent fiscal year. <br />By far, the largest portion of the City`s net position (68.8%) reflects its investment in capital assets (e.g., <br />land, buildings, machinery, and equipment) less any related debt used to acquire those assets that are <br />still outstanding. The City uses these capital assets to provide services to citizens; consequently, these <br />assets are not available for future spending. Although the City`s investment in its capital assets is <br />reported net of related debt, it should be noted that the resources needed to repay this debt must be <br />provided from other sources, since the capital assets themselves cannot be used to liquidate these <br />liabilities. <br />24 <br />