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City of Elk River
<br />Management's Discussion and Analysis
<br />GOVERNMENT -WIDE FINANCIAL ANALYSIS (CONTINUED)
<br />General Fund Budgetary Highlights (Continued)
<br />• Expenditures were over budget by $154,131, in part due to public safety being over budget by
<br />$255,904 due to new reporting requirements for leases. General government was under budget by
<br />$109,176.
<br />Capital Asset and Debt Administration
<br />Capital Assets. The City's investment in capital assets for its governmental and business -type activities
<br />as of December 31, 2022, amounts to $173,821,487 (net of accumulated depreciation). This investment
<br />in capital assets includes land, structures, improvements, machinery and equipment, park facilities,
<br />roads, highways and bridges.
<br />Major capital asset events during the current fiscal year included the following:
<br />• Construction completed on the public safety facility
<br />• Construction completed on Fire Station #3
<br />• Construction completed on Orono Park
<br />• Purchases of vehicles
<br />• Various street improvement projects
<br />City of Elk River's Capital Assets
<br />(Net of Accumulated Depreciation/Amortization)
<br />Governmental Activities
<br />Business -Type Activities
<br />Increase
<br />Increase
<br />2022
<br />2021
<br />(Decrease)
<br />2022
<br />2021
<br />(Decrease)
<br />Land
<br />$ 38,838,959
<br />$ 38,802,663
<br />$ 36,296
<br />$ 1,965,026
<br />$ 1,924,686 $
<br />40,340
<br />Construction in progress
<br />1,913,782
<br />16,442,587
<br />(14,528,805)
<br />2,351,587
<br />7,243,598
<br />(4,892,011)
<br />Buildings
<br />56,533,406
<br />45,559,544
<br />10,973,862
<br />27,401,128
<br />15,942,807
<br />11,458,321
<br />Improvements other than buildings
<br />9,567,471
<br />5,916,977
<br />3,650,494
<br />158,677
<br />174,600
<br />(15,923)
<br />Equipment
<br />7,743,980
<br />6,497,219
<br />1,246,761
<br />7,005,001
<br />6,891,996
<br />113,005
<br />Infrastructure
<br />29,530,007
<br />27,422,614
<br />2,107,393
<br />68,750,797
<br />66,361,523
<br />2,389,274
<br />Intangible assets
<br />-
<br />-
<br />-
<br />23,997,909
<br />23,725,578
<br />Leased equipment
<br />409,089
<br />-
<br />409,089
<br />42,088
<br />-
<br />42,088
<br />Total
<br />$ 144,536,694
<br />$ 140,641,604
<br />$ 3,895,090
<br />$ 131,672,213
<br />$ 122,264,788 $
<br />9,135,094
<br />Additional information on the City's capital assets can be found in Note 8 starting on page 70 of this
<br />report.
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