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City of Elk River
<br />Management's Discussion and Analysis
<br />GOVERNMENT -WIDE FINANCIAL ANALYSIS (CONTINUED)
<br />City of Elk River's Changes in Net Position
<br />Governmental Activities
<br />Business -Type Activities
<br />Increase
<br />Increase
<br />2021
<br />2020
<br />(Decrease)
<br />2021
<br />2020
<br />(Decrease)
<br />Revenues
<br />Program revenues
<br />Charges for services
<br />$ 3,524,749
<br />$ 2,407,238
<br />$ 1,117,511
<br />$ 58,307,035
<br />$ 54,066,962 $
<br />4,240,073
<br />Operating grants
<br />and contributions
<br />1,328,148
<br />3,354,583
<br />(2,026,435)
<br />-
<br />-
<br />-
<br />Capital grants and
<br />contributions
<br />5,916,070
<br />3,254,122
<br />2,661,948
<br />4,308,960
<br />3,331,984
<br />976,976
<br />General revenues
<br />Property taxes
<br />14,290,673
<br />13,972,068
<br />318,605
<br />-
<br />-
<br />-
<br />Franchise and gravel taxes
<br />1,754,189
<br />1,698,040
<br />56,149
<br />-
<br />-
<br />-
<br />Sales taxes
<br />3,469,146
<br />3,030,938
<br />438,208
<br />-
<br />-
<br />-
<br />Grants and contributions not restricted
<br />747,226
<br />2,644,469
<br />(1,897,243)
<br />-
<br />-
<br />-
<br />Unrestricted investment earnings
<br />(56,944)
<br />1,240,595
<br />(1,297,539)
<br />(75,566)
<br />716,582
<br />(792,148)
<br />Gain (loss) on disposal
<br />of capital assets
<br />1,053,072
<br />-
<br />1,053,072
<br />(159,879)
<br />26,770
<br />(186,649)
<br />Miscellaneous revenues
<br />522,275
<br />56,457
<br />465,818
<br />-
<br />-
<br />-
<br />Total revenues
<br />32,548,604
<br />31,658,510
<br />890,094
<br />62,380,550
<br />58,142,298
<br />4,238,252
<br />Expenses
<br />General government
<br />4,655,075
<br />4,526,987
<br />128,088
<br />-
<br />-
<br />Public safety
<br />8,082,449
<br />8,372,884
<br />(290,435)
<br />Public works
<br />5,340,633
<br />4,468,711
<br />871,922
<br />-
<br />-
<br />-
<br />Culture and recreation
<br />11,070,966
<br />6,080,466
<br />4,990,500
<br />-
<br />-
<br />-
<br />Economic development
<br />433,530
<br />691,956
<br />(258,426)
<br />-
<br />-
<br />-
<br />Interest and fiscal charges
<br />1,796,294
<br />1,490,127
<br />306,167
<br />-
<br />-
<br />-
<br />Municipal liquor
<br />-
<br />-
<br />-
<br />7,683,695
<br />7,119,662
<br />564,033
<br />Sewer
<br />3,743,503
<br />3,672,176
<br />71,327
<br />Garbage
<br />-
<br />-
<br />-
<br />1,623,785
<br />1,565,482
<br />58,303
<br />Storm water
<br />-
<br />-
<br />-
<br />612,527
<br />571,170
<br />41,357
<br />Electric
<br />-
<br />-
<br />-
<br />38,462,316
<br />34,565,317
<br />3,896,999
<br />Water
<br />-
<br />-
<br />-
<br />3,210,394
<br />2,697,201
<br />513,193
<br />Total expenses
<br />31,378,947
<br />25,631,131
<br />5,747,816
<br />55,336,220
<br />50,191,008
<br />5,145,212
<br />Increase in Net
<br />Assets before transfers
<br />1,169,657
<br />6,027,379
<br />(4,857,722)
<br />7,044,330
<br />7,951,290
<br />(906,960)
<br />Transfers
<br />2,832,128
<br />2,280,880
<br />551,248
<br />(2,832,128)
<br />(2,280,880)
<br />(551,248)
<br />Changes in Net Position
<br />4,001,785
<br />8,308,259
<br />(4,306,474)
<br />4,212,202
<br />5,670,410
<br />(1,458,208)
<br />Net position, January 1
<br />110,162,072
<br />101,853,813
<br />8,308,259
<br />118,915,796
<br />113,245,386
<br />5,670,410
<br />Net position, December 31
<br />$ 114,163,857
<br />$ 110,162,072
<br />$ 4,001,785
<br />$ 123,127,998
<br />$ 118,915,796 $
<br />4,212,202
<br />• Property taxes represent approximately 44.1% of total revenues in 2021 in governmental activities.
<br />• The largest revenue variance was an increase in capital grants and contributions due in part to
<br />funding received through the Municipal Street Aid program.
<br />• The largest expense variance was an increase in the culture and recreation function as a result of
<br />capital project work occurring during the year.
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