|
<br />25
<br />City of Elk River
<br />Management’s Discussion and Analysis
<br />
<br />
<br />GOVERNMENT-WIDE FINANCIAL ANALYSIS (CONTINUED)
<br />
<br />City of Elk River’s Summary of Net Position
<br />
<br />2024 2023
<br />Increase
<br />(Decrease)2024 2023
<br />Increase
<br />(Decrease)
<br />Assets
<br />Current and other assets 58,021,796$ 52,338,622$ 5,683,174$ 52,464,685$ 53,501,629$ (1,036,944)$
<br />Capital assets 141,524,199 144,232,117 (2,707,918) 137,776,785 134,870,351 2,906,434
<br />Total assets 199,545,995 196,570,739 2,975,256 190,241,470 188,371,980 1,869,490
<br />Deferred Outflows of Resources
<br />Deferred OPEB resources 97,807 80,414 17,393 12,227 10,052 2,175
<br />Deferred pension resources 8,084,371 10,565,477 (2,481,106) 513,078 1,081,073 (567,995)
<br />Total deferred outflows of resources 8,182,178 10,645,891 (2,463,713) 525,305 1,091,125 (565,820)
<br />Liabilities
<br />Other liabilities 7,629,973 9,322,393 (1,692,420) 9,895,187 9,326,634 568,553
<br />Noncurrent liabilities 61,846,324 67,468,390 (5,622,066) 37,247,595 40,379,748 (3,132,153)
<br />Total liabilities 69,476,297 76,790,783 (7,314,486) 47,142,782 49,706,382 (2,563,600)
<br />Deferred Inflows of Resources
<br />Deferred OPEB resources 113,330 152,862 (39,532) 14,166 19,107 (4,941)
<br />Deferred pension resources 10,126,024 10,043,971 82,053 1,877,254 1,290,188 587,066
<br />Deferred lease resources 94,870 150,894 (56,024) 4,457,246 4,784,677 (327,431)
<br />Total deferred inflows of resources 10,334,224 10,347,727 (13,503) 6,348,666 6,093,972 254,694
<br />Net Position
<br />Net investment in capital assets 86,319,232 86,306,541 12,691 101,791,407 97,325,836 4,465,571
<br />Restricted 16,911,336 15,689,829 1,221,507 1,779,016 1,779,016 -
<br />Unrestricted 24,687,084 18,081,750 6,605,334 33,704,904 34,557,899 (852,995)
<br />Total net position 127,917,652$ 120,078,120$ 7,839,532$ 137,275,327$ 133,662,751$ 3,612,576$
<br />Governmental Activities Business-Type Activities
<br /> An additional portion of the City’s net position (7.0%) represents resources that are subject to
<br />external restrictions on how they may be used. The remaining balance of unrestricted net position
<br />(22.0%) may be used to meet the City’s ongoing obligations to citizens and creditors.
<br />
<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 />
<br />Governmental Activities. Governmental activities increased the City’s net position by $7,839,532,
<br />thereby accounting for 68.5% of the growth in the net position of the City. Key elements of this
<br />change are as follows.
<br />Page 215 of 637
|