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City of Elk River
<br />Management's Discussion and Analysis
<br />GOVERNMENT -WIDE FINANCIAL ANALYSIS (CONTINUED)
<br />Capital Asset and Debt Administration (Continued)
<br />Capital Assets. (Continued)
<br />City of Elk River's Capital Assets
<br />(Net of Accumulated Depreciation)
<br />Governmental Activities
<br />Business -Type Activities
<br />Increase
<br />Increase
<br />2021
<br />2020
<br />(Decrease)
<br />2021
<br />2020
<br />(Decrease)
<br />Land
<br />$ 38,802,663
<br />$ 40,769,513
<br />$ 1,966,850
<br />$ 1,924,686
<br />$ 1,W,071 $
<br />(80,615)
<br />Construction in progress
<br />16,442,587
<br />2,586,460
<br />(13,856,127)
<br />7,243,598
<br />1,209,742
<br />(6,033,856)
<br />Buildings
<br />45,559,544
<br />46,202,453
<br />642,909
<br />15,942,807
<br />16,880,153
<br />937,346
<br />Improvements other than buildings
<br />5,916,977
<br />5,831,737
<br />(85,240)
<br />174,600
<br />179,593
<br />4,993
<br />Equipment
<br />6,497,219
<br />5,336,269
<br />(1,160,950)
<br />6,891,996
<br />7,289,916
<br />397,920
<br />Infrastructure
<br />27,422,614
<br />23,171,233
<br />(4,251,381)
<br />66,361,523
<br />64,240,596
<br />(2,120,927)
<br />Intangible assets
<br />-
<br />-
<br />-
<br />23,725,578
<br />23,469,525
<br />(256,053)
<br />Total
<br />$ 140,641,604
<br />$ 123,897,665
<br />$ (16,743,939)
<br />$ 122,264,788
<br />$ 115,113,596 $
<br />(7,151,192)
<br />Additional information on the City`s capital assets can be found in Note 7 starting on page 72 of this
<br />report.
<br />Long-term Debt. At the end of the current fiscal year, the City had total bonded debt outstanding of
<br />$105,045,000. While all of the City`s bonds have revenue streams, they are also all backed by the full
<br />faith and credit of the City.
<br />City of Elk River's Outstanding Debt
<br />2021
<br />Governmental Activities Business -Type Activities
<br />Increase Increase
<br />2020 (Decrease) 2021 2020 (Decrease)
<br />General obligation bonds $ 27,180,000 $ 29,390,000 $ 2,210,000 $ - $ - $ -
<br />General obligation revenue bonds 31,360,000 32,165,000 805,000 16,575,000 16,010,000 (565,000)
<br />Revenue bonds - - - 29,930,000 18,985,000 (10,945,000)
<br />Notes payable 209,124 415,740 206,616
<br />Total $ 58,540,000 $ 61,555,000 $ 3,015,000 $ 46,714,124 $ 35,410,740 $ (11,303,384)
<br />The City`s bond rating is AA+ from Standard and Poor`s. Additional information on the City`s long-
<br />term debt can be found in Note 8 starting on page 75 of this report.
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