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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 />2022
<br />2021
<br />(Decrease)
<br />2022
<br />2021
<br />(Decrease)
<br />Revenues
<br />Program revenues
<br />Charges for services
<br />$ 3,805,379
<br />$ 3,524,749 $
<br />280,630
<br />$ 61,806,702
<br />$ 58,307,035 $
<br />3,499,667
<br />Operating grants
<br />and contributions
<br />1,905,073
<br />1,328,148
<br />576,925
<br />-
<br />-
<br />-
<br />Capital grants and
<br />contributions
<br />8,005,633
<br />5,916,070
<br />2,089,563
<br />7,289,979
<br />4,308,960
<br />2,981,019
<br />General revenues
<br />Property taxes
<br />15,250,309
<br />14,290,673
<br />959,636
<br />-
<br />-
<br />-
<br />Franchise and gravel taxes
<br />1,722,678
<br />1,754,189
<br />(31,511)
<br />Sales taxes
<br />3,862,154
<br />3,469,146
<br />393,008
<br />-
<br />Grants and contributions not restricted
<br />734,932
<br />747,226
<br />(12,294)
<br />-
<br />-
<br />-
<br />Unrestricted investment earnings
<br />(2,079,797)
<br />(56,944)
<br />(2,022,853)
<br />(1,947,278)
<br />(75,566)
<br />(1,871,712)
<br />Gain (loss) on disposal
<br />of capital assets
<br />108,455
<br />1,053,072
<br />(944,617)
<br />32,788
<br />(159,879)
<br />192,667
<br />Miscellaneous revenues
<br />537,061
<br />522,275
<br />14,786
<br />-
<br />-
<br />-
<br />Total revenues
<br />33,851,877
<br />32,548,604
<br />1,303,273
<br />67,182,191
<br />62,380,550
<br />4,801,641
<br />Expenses
<br />General government
<br />5,180,758
<br />4,655,075
<br />525,683
<br />-
<br />-
<br />-
<br />Public safety
<br />11,558,469
<br />8,082,449
<br />3,476,020
<br />-
<br />Public works
<br />7,638,554
<br />5,340,633
<br />2,297,921
<br />-
<br />-
<br />-
<br />Culture and recreation
<br />6,139,661
<br />11,070,966
<br />(4,931,305)
<br />-
<br />-
<br />-
<br />Economic development
<br />527,673
<br />433,530
<br />94,143
<br />-
<br />-
<br />-
<br />Interest and fiscal charges
<br />1,615,250
<br />1,796,294
<br />(181,044)
<br />-
<br />-
<br />-
<br />Municipal liquor
<br />-
<br />-
<br />7,785,027
<br />7,683,695
<br />101,332
<br />Sewer
<br />3,759,165
<br />3,743,503
<br />15,662
<br />Garbage
<br />1,670,454
<br />1,623,785
<br />46,669
<br />Storm water
<br />663,420
<br />612,527
<br />50,893
<br />Electric
<br />43,262,804
<br />38,462,316
<br />4,800,488
<br />Water
<br />3,208,929
<br />3,210,394
<br />(1,465)
<br />Total expenses
<br />32,660,365
<br />31,378,947
<br />1,281,418
<br />60,349,799
<br />55,336,220
<br />5,013,579
<br />Increase in Net
<br />Assets before transfers
<br />1,191,512
<br />1,169,657
<br />21,855
<br />6,832,392
<br />7,044,330
<br />(211,938)
<br />Transfers
<br />2,026,029
<br />2,832,128
<br />(806,099)
<br />(2,026,029)
<br />(2,832,128)
<br />806,099
<br />Changes in Net Position
<br />3,217,541
<br />4,001,785
<br />(784,244)
<br />4,806,363
<br />4,212,202
<br />594,161
<br />Net position, January 1
<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 />Net position, December31
<br />$ 117,381,398
<br />$ 114,163,857 $
<br />3,217,541
<br />$ 127,934,361
<br />$ 123,127,998 $
<br />4,806,363
<br />• Property taxes represent approximately 45.0% of total revenues in 2022 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 a decrease in the culture and recreation function as a result of
<br />capital project work that was completed in 2021.
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