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<br />City of Elk River
<br />Management’s Discussion and Analysis
<br />GOVERNMENT-WIDE FINANCIAL ANALYSIS (CONTINUED)
<br />City of Elk River’s Summary of Net Position
<br />2023 2022
<br />Increase
<br />(Decrease)2023 2022
<br />Increase
<br />(Decrease)
<br />Assets
<br />Current and other assets 52,338,622$ 52,094,579$ 244,043$ 53,501,629$ 53,468,950$ 32,679$
<br />Capital assets 144,232,117 144,536,694 (304,577) 134,870,351 131,672,213 3,198,138
<br />Total assets 196,570,739 196,631,273 (60,534) 188,371,980 185,141,163 3,230,817
<br />Deferred Outflows of Resources
<br />Deferred OPEB resources 80,414 81,827 (1,413) 10,052 11,058 (1,006)
<br />Deferred pension resources 10,565,477 12,666,297 (2,100,820) 1,081,073 1,866,126 (785,053)
<br />Total deferred outflows of resources 10,645,891 12,748,124 (2,102,233) 1,091,125 1,877,184 (786,059)
<br />Liabilities
<br />Other liabilities 9,322,393 9,773,646 (451,253) 9,326,634 10,166,258 (839,624)
<br />Noncurrent liabilities 67,468,390 81,137,474 (13,669,084) 40,379,748 43,707,769 (3,328,021)
<br />Total liabilities 76,790,783 90,911,120 (14,120,337) 49,706,382 53,874,027 (4,167,645)
<br />Deferred Inflows of Resources
<br />Deferred OPEB resources 152,862 107,304 45,558 19,107 14,500 4,607
<br />Deferred pension resources 10,043,971 750,069 9,293,902 1,290,188 83,351 1,206,837
<br />Deferred lease resources 150,894 229,506 (78,612) 4,784,677 5,112,108 (327,431)
<br />Total deferred inflows of resources 10,347,727 1,086,879 9,260,848 6,093,972 5,209,959 884,013
<br />Net Position
<br />Net investment in capital assets 86,306,541 83,281,488 3,025,053 97,325,836 93,539,999 3,785,837
<br />Restricted 15,689,829 9,676,717 6,013,112 1,779,016 1,779,016 -
<br />Unrestricted 18,081,750 24,423,193 (6,341,443) 34,557,899 32,615,346 1,942,553
<br />Total net position 120,078,120$ 117,381,398$ 2,696,722$ 133,662,751$ 127,934,361$ 5,728,390$
<br />Governmental Activities Business-Type Activities
<br />An additional portion of the City’s net position (6.9%) represents resources that are subject to
<br />external restrictions on how they may be used. The remaining balance of unrestricted net position
<br />(20.7%) may be used to meet the City’s ongoing obligations to citizens and creditors.
<br />At the end of the current fiscal year, the City is able to report positive balances in all three
<br />categories of net position, both for the City as a whole, as well as for its separate governmental and
<br />business-type activities. The same situation held true for the prior fiscal year.
<br />Governmental Activities. Governmental activities increased the City’s net position by $2,696,722,
<br />thereby accounting for 32.0% of the growth in the net position of the City. Key elements of this
<br />change are as follows.
<br />Page 146 of 464
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