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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 />Long-term Debt. At the end of the current fiscal year, the City had total bonded debt outstanding of <br />$93,915,000. While all of the City's bonds have revenue streams, they are also all backed by the full <br />faith and credit of the City. <br />General obligation bonds <br />General obligation revenue bonds <br />Revenue bonds <br />Notes payable <br />Total <br />City of Elk River's Outstanding Debt <br />Governmental Activities <br />Iml <br />$ 25,760,000 <br />30,515,000 <br />Increase <br />2021 (Decrease) <br />2022 <br />Business -Tune Activities <br />2021 <br />Increase <br />(Decrease) <br />$ 27,180,000 $ (1,420,000) $ - $ - $ <br />31,360,000 (845,000) 8,765,000 16,575,000 (7,810,000) <br />- 28,875,000 29,930,000 (1,055,000) <br />- 209,124 (209,124) <br />$ 56,275,000 $ 58,540,000 $ (2,265,000) $ 37,640,000 $ 46,714,124 $ (9,074,124) <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 9 starting on page 72 of this report. <br />Economic Factors and Next Year's Budgets and Rates <br />The City of Elk River estimates that the demand for City services will continue at stable growth levels <br />due to the economic environment and the outlook of recent building activity. This was taken into <br />consideration in preparation of the City's 2023 budget. The property tax levy is set annually and is <br />adjusted as necessary to fund the cost of providing services to our citizens and customers. Charges for <br />services are evaluated each year and adjusted if warranted. The City expects to keep the tax levy <br />consistent in upcoming years. <br />Requests for Information <br />This financial report is designed to provide a general overview of the City's finances for all those with <br />an interest in the City's finances. Questions concerning any of the information provided in this report or <br />requests for additional financial information should be addressed to the finance department, City of Elk <br />River, 13065 Orono Pkwy, Elk River, Minnesota 55330 or by calling 763-635-1000. <br />31 <br />