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<br />33 <br />City of Elk River <br />Management’s Discussion and Analysis <br /> <br /> <br />GOVERNMENT-WIDE FINANCIAL ANALYSIS (CONTINUED) <br /> <br />Capital Asset and Debt Administration (Continued) <br /> <br />Long-term Debt. At the end of the current fiscal year, the City had total bonded debt outstanding of <br />$85,515,000. While all of the City’s bonds have revenue streams, they are also all backed by the full <br />faith and credit of the City. <br /> <br />City of Elk River’s Outstanding Debt <br /> <br />2024 2023 <br />Increase <br />(Decrease)2024 2023 <br />Increase <br />(Decrease) <br />General obligation bonds 22,215,000$ 23,685,000$ (1,470,000)$ -$ -$ -$ <br />General obligation revenue bonds 28,690,000 29,625,000 (935,000) 7,605,000 8,185,000 (580,000) <br />Revenue bonds - - - 27,005,000 27,960,000 (955,000) <br />Total 50,905,000$ 53,310,000$ (2,405,000)$ 34,610,000$ 36,145,000$ (1,535,000)$ <br />Governmental Activities Business-Type Activities <br /> The City’s bond rating is AA+ from Standard and Poor’s. Additional information on the City’s long- <br />term debt can be found in Note 9 starting on page 76 of this report. <br /> <br />Economic Factors and Next Year’s Budgets and Rates <br /> <br />The City of Elk River estimates that the demand for City services will continue at stable growth <br />levels due to the economic environment and the outlook of recent building activity. This was taken <br />into consideration in preparation of the City’s 2025 budget. The property tax levy is set annually and <br />is adjusted as necessary to fund the cost of providing services to our citizens and customers. Charges <br />for services are evaluated each year and adjusted if warranted. The City expects to keep the tax levy <br />consistent in upcoming years. <br /> <br />Requests for Information <br /> <br />This financial report is designed to provide a general overview of the City’s finances for all those <br />with an interest in the City’s finances. Questions concerning any of the information provided in this <br />report or requests for additional financial information should be addressed to the finance <br />department, City of Elk River, 13065 Orono Pkwy, Elk River, Minnesota 55330 or by calling 763-635- <br />1000. <br />Page 223 of 637