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<br />An additional portion of the City of Elk River's net assets (8 percent) represents resources that are subject to external I
<br />restrictions on how they may be used. The remaining balance of unrestricted net assets ($33,224,623) may be used to meet
<br />the City of Elk River's ongoing obligations to citizens and creditors.
<br />At the end of the current fiscal year, the City of Elk River is able to report positive balances in all three categories of net I
<br />assets, both for the City as a whole, as well as for its separate governmental and business-type activities.
<br />Governmental activities I
<br />Governmental activities increased the City of Elk River's net assets by $8,061,713. Key elements ofthis increase are as
<br />follows: I
<br /> Changes in Net Assets
<br /> Governmental Business-type I
<br /> Activities Activities Total
<br /> 2005 2004 2005 2004 2005 2004
<br />Revenues: I
<br />Program revenues:
<br />Charges for services $ 3,875,843 $ 3,401,452 $ 24,444,243 $ 24,544,637 $ 28,320,086 $ 27,946,089
<br />Operating grants and I
<br />contributions 480,649 427,513 9,255 8,615 489,904 436,128
<br />Capital grants and
<br />contributions 7,573,752 11,879,536 3,654,383 3,028,454 11 ,228, 13 5 14,907,990
<br />General revenues:
<br />Property taxes 7,569,131 6,425,933 7,569,131 6,425,933 I
<br />Tax increment 768,397 734,115 768,397 734,115
<br />Grants and contributions not
<br />restricted to specific programs 2,427,605 2,141,152 2,427,605 2,141,152 I
<br />Unrestricted investment earnings 758,612 375,550 305,923 153,218 1,064,535 528,768
<br />Gain on disposal of capital assets 326.853 9.180 326.853 9.180
<br />Total revenues 23.780.842 25.394.431 28.413.804 27.734.924 52.194.646 53.129.355
<br />Expenses: I
<br />General government 2,503,826 2,440,200 2,503,826 2,440,200
<br />Public safety 5,255,974 4,988,424 5,255,974 4,988,424
<br />Public works 4,281,725 4,277,071 4,281,725 4,277,071 I
<br />Culture and recreation 2,535,955 2,058,882 2,535,955 2,058,882
<br />Economic development 938,164 912,698 938,164 912,698
<br />Interest on long-term debt 881,001 936,515 881,001 936,515
<br />Municipal liquor 4,344,915 3,760,156 4,344,915 3,760,156 I
<br />Garbage 1,047,479 953,432 1,047,479 953,432
<br />Sewer 1,629,353 1,464,409 1,629,353 1,464,409
<br />Water 2,099,428 1,809,128 2,099,428 1,809,128
<br />Electric 14.880.337 13.338.580 14.880.337 13.338.580 I
<br />Total expenses 16.396.645 15.613.790 24.001.512 21.325.705 40.398.157 36.939.495
<br />Increase in net assets before
<br />transfers 7,384,197 9,780,641 4,412,292 6,409,219 11,796,489 16,189,860 I
<br />Transfers 677.516 866.816 (677.516) (866.816)
<br />Change in net assets 8.061.713 10.647.457 3.734.776 5.542.403 I 1.796.489 16.189.860 I
<br />Net assets - beginning 97,476,932 86,829,475 65,055,568 59,513,165 162,532,500 146,342,640
<br />Prior period adjustment 1.290.000 1.290.000
<br />Net assets - beginning, as restated 98.766.932 86.829.475 65.055.568 59.513.165 163.822.500 146.342.640 I
<br />Net assets - ending $106828645 $ 97 476 932 $ 68 790 344 $ 65 055 568 $ 175618989 $ 162532500
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