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<br />City of Elk River
<br />Management’s Discussion and Analysis
<br />GOVERNMENT-WIDE FINANCIAL ANALYSIS (CONTINUED)
<br />Governmental Activities (Continued)
<br />City of Elk River’s Changes in Net Position
<br />2023 2022
<br />Increase
<br />(Decrease)2023 2022
<br />Increase
<br />(Decrease)
<br />Revenues
<br />Program revenues
<br />Charges for services 4,149,080$ 3,805,379$ 343,701$ 62,761,120$ 61,806,702$ 954,418$
<br />Operating grants
<br /> and contributions 2,553,557 1,905,073 648,484 - - -
<br />Capital grants and
<br /> contributions 3,843,438 8,005,633 (4,162,195) 1,583,273 8,149,583 (6,566,310)
<br />General revenues
<br />Property taxes 16,077,123 15,250,309 826,814 - - -
<br />Franchise and gravel taxes 1,712,109 1,722,678 (10,569) - - -
<br />Sales taxes 3,810,301 3,862,154 (51,853) - - -
<br />Grants and contributions not restricted 1,217,658 734,932 482,726 - - -
<br />Unrestricted investment earnings 2,233,568 (2,079,797) 4,313,365 1,177,123 (1,947,278) 3,124,401
<br />Gain on disposal
<br /> of capital assets 805,210 108,455 696,755 58,346 32,788 25,558
<br />Miscellaneous revenues 539,436 537,061 2,375 - - -
<br />Total revenues 36,941,480 33,851,877 3,089,603 65,579,862 68,041,795 (2,461,933)
<br />Expenses
<br />General government 5,993,465 5,180,758 812,707 - - -
<br />Public safety 12,082,411 11,558,469 523,942 - - -
<br />Public works 6,469,657 8,498,158 (2,028,501) - - -
<br />Culture and recreation 7,261,458 6,139,661 1,121,797 - - -
<br />Economic development 685,115 527,673 157,442 - - -
<br />Interest and fiscal charges 1,506,222 1,615,250 (109,028) - - -
<br />Municipal liquor - - - 7,342,192 7,785,027 (442,835)
<br />Sewer - - - 3,970,547 3,759,165 211,382
<br />Garbage - - - 1,702,811 1,670,454 32,357
<br />Storm water - - - 980,969 663,420 317,549
<br />Electric - - - 42,868,962 43,262,804 (393,842)
<br />Water - - - 3,232,421 3,208,929 23,492
<br />Total expenses 33,998,328 33,519,969 478,359 60,097,902 60,349,799 (251,897)
<br />Increase in Net
<br />Assets before transfers 2,943,152 331,908 2,611,244 5,481,960 7,691,996 (2,210,036)
<br />Transfers (246,430) 2,885,633 (3,132,063) 246,430 (2,885,633) 3,132,063
<br />Changes in Net Position 2,696,722 3,217,541 (520,819) 5,728,390 4,806,363 922,027
<br />Net position, January 1 117,381,398 114,163,857 3,217,541 127,934,361 123,127,998 4,806,363
<br />Net position, December 31 120,078,120$ 117,381,398$ 2,696,722$ 133,662,751$ 127,934,361$ 5,728,390$
<br />Governmental Activities Business-Type Activities
<br />Property taxes represent approximately 43.5% of total revenues in 2023 in governmental
<br />activities.
<br />The largest revenue variance was an increase in unrestricted investment income due to the
<br />increase of market value of investments held by the City.
<br />The largest expense variance was a decrease in the public works function as a result of capital
<br />project work that was completed in 2022.
<br />Page 147 of 464
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