Laserfiche WebLink
24 <br />City of Elk River <br />Management’s Discussion and Analysis <br />OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) <br />Other Information. The combining statements referred to earlier in connection with nonmajor <br />governmental funds are presented following the notes to the financial statements. Combining and <br />individual fund financial statements and schedules start on page 126 of this report. <br />GOVERNMENT-WIDE FINANCIAL ANALYSIS <br />As noted earlier, net position may serve over time as a useful indicator of a government’s financial <br />position. In the case of the City, assets and deferred outflows exceeded liabilities and deferred <br />inflows by $265,192,979 at the close of the most recent fiscal year. <br />By far, the largest portion of the City’s net position (70.9%) reflects its investment in capital assets <br />(e.g., land, buildings, machinery, and equipment) less any related debt used to acquire those assets <br />that are still outstanding. The City uses these capital assets to provide services to citizens; <br />consequently, these assets are not available for future spending. Although the City’s investment in <br />its capital assets is reported net of related debt, it should be noted that the resources needed to <br />repay this debt must be provided from other sources, since the capital assets themselves cannot be <br />used to liquidate these liabilities. <br />Page 214 of 637