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<br />26
<br />City of Elk River
<br />Management’s Discussion and Analysis
<br />
<br />
<br />GOVERNMENT-WIDE FINANCIAL ANALYSIS (CONTINUED)
<br />
<br />Governmental Activities (Continued)
<br />
<br />City of Elk River’s Changes in Net Position
<br />
<br />2024 2023
<br />Increase
<br />(Decrease)2024 2023
<br />Increase
<br />(Decrease)
<br />Revenues
<br />Program revenues
<br />Charges for services 4,204,861$ 4,149,080$ 55,781$ 61,669,429$ 62,761,120$ (1,091,691)$
<br />Operating grants
<br /> and contributions 1,666,226 2,553,557 (887,331) - - -
<br />Capital grants and
<br /> contributions 5,616,041 3,843,438 1,772,603 2,379,420 1,583,273 796,147
<br />General revenues
<br />Property taxes 17,429,839 16,077,123 1,352,716 - - -
<br />Franchise and gravel taxes 1,748,809 1,712,109 36,700 - - -
<br />Sales taxes 3,266,064 3,810,301 (544,237) - - -
<br />Grants and contributions not restricted 2,419,902 1,217,658 1,202,244 - - -
<br />Unrestricted investment earnings 1,625,965 2,233,568 (607,603) 1,152,078 1,177,123 (25,045)
<br />Gain on disposal
<br /> of capital assets 383,354 805,210 (421,856) 2,013 58,346 (56,333)
<br />Miscellaneous revenues 621,504 539,436 82,068 - - -
<br />Total revenues 38,982,565 36,941,480 2,041,085 65,202,940 65,579,862 (376,922)
<br />Expenses
<br />General government 5,953,862$ 5,993,465 (39,603) - -
<br />Public safety 12,218,927 12,082,411 136,516 - -
<br />Public works 6,642,111 6,469,657 172,454 - -
<br />Culture and recreation 6,795,621 7,261,458 (465,837) - -
<br />Economic development 755,488 685,115 70,373 - -
<br />Interest and fiscal charges 1,312,176 1,506,222 (194,046) - -
<br />Municipal liquor - - - 7,852,021 7,342,192 509,829
<br />Sewer - - - 4,529,248 3,970,547 558,701
<br />Garbage - - - 1,738,242 1,702,811 35,431
<br />Storm water - - - 546,318 980,969 (434,651)
<br />Electric - - - 40,780,800 42,868,962 (2,088,162)
<br />Water - - - 3,608,583 3,232,421 376,162
<br />Total expenses 33,678,185 33,998,328 (320,143) 59,055,212 60,097,902 (1,042,690)
<br />Increase in Net
<br />Assets before transfers 5,304,380 2,943,152 2,361,228 6,147,728 5,481,960 665,768
<br />Transfers 2,535,152 (246,430) 2,781,582 (2,535,152) 246,430 (2,781,582)
<br />Changes in Net Position 7,839,532 2,696,722 5,142,810 3,612,576 5,728,390 (2,115,814)
<br />Net position, January 1 120,078,120 117,381,398 2,696,722 133,662,751 127,934,361 5,728,390
<br />Net position, December 31 127,917,652$ 120,078,120$ 7,839,532$ 137,275,327$ 133,662,751$ 3,612,576$
<br />Governmental Activities Business-Type Activities
<br /> • Property taxes represent approximately 44.7% of total revenues in 2024 in governmental
<br />activities.
<br />• The largest revenue variance was an increase in capital grants and contributions due to the
<br />recognition of ARPA funding in 2024.
<br />• The largest expense variance was a decrease in the culture and recreation function as a result
<br />of capital project work that was completed in 2023.
<br />Page 216 of 637
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