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An additional portion of the City of Elk River’s net assets (3 percent) represents resources that are subject to external <br />restrictions on how they may be used. The remaining balance of unrestricted net assets ($42,067,362) 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 <br />assets, both for the City as a whole, as well as for its separate governmental and business-type activities. <br />Governmental activities <br />Governmental activities increased the City of Elk River’s net assets by $8,636,316. Key elements of this increase are as <br />follows: <br />14 <br /> <br />