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CITY OF ELK RIVER, MINNESOTA
<br />STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
<br />GOVERNMENTAL FUNDS
<br />FOR THE YEAR ENDED DECEMBER 31, 2006
<br />OtherTotal
<br />GeneralParkImprovementCapitalGovernmentalGovernmental
<br />FundDedicationBondsProjectsFundsFunds
<br />REVENUES
<br />General property taxes$ 6,903,177$ -$ 223,593$ 167,454$ 2,235,549$ 9,529,773
<br />Licenses and permits 1,207,368 - - - - 1,207,368
<br />Intergovernmental revenue 1,379,289 1,211,358 10,546 103,321 1,438,423 4,142,937
<br />Charges for services 845,305 472,960 - 48,131 1,119,068 2,485,464
<br />Fines and forfeits 150,401 - - - 24,754 175,155
<br />Special assessments - - 999,232 402,803 164,845 1,566,880
<br />Interest 217,751 52,259 52,080 183,851 645,203 1,151,144
<br />Miscellaneous
<br /> Landfill host fee - - - - 1,124,748 1,124,748
<br /> Refunds and reimbursements 53,033 - - 700 909,583 963,316
<br /> Other 4,519 10,190 - - 453,069 467,778
<br /> Total revenues 10,760,843 1,746,767 1,285,451 906,260 8,115,242 22,814,563
<br />EXPENDITURES
<br />Current:
<br /> General government 2,173,614 - - - 77,497 2,251,111
<br /> Public safety 4,873,270 - - - 68,436 4,941,706
<br /> Public works 1,505,213 - - - 1,033,445 2,538,658
<br /> Culture and recreation 1,340,026 370,350 - - 895,485 2,605,861
<br /> Economic development - - - - 627,467 627,467
<br />Debt service:
<br /> Principal - 395,000 4,475,000 - 2,181,836 7,051,836
<br /> Interest and service charges - 107,404 198,650 - 575,458 881,512
<br /> Bond issuance costs - - - - 28,392 28,392
<br />Capital outlay:
<br /> General government 53,636 - - - - 53,636
<br /> Public safety 240,172 - - - 342,779 582,951
<br /> Public works 78,687 - - - 447,760 526,447
<br /> Culture and recreation 25,388 4,776,019 - - 1,126,083 5,927,490
<br /> Infrastructure/development projects - - - 1,059,377 2,579,981 3,639,358
<br /> Total expenditures 10,290,006 5,648,773 4,673,650 1,059,377 9,984,619 31,656,425
<br />Revenues over (under) expenditures 470,837 (3,902,006) (3,388,199) (153,117) (1,869,377) (8,841,862)
<br />OTHER FINANCING SOURCES (USES)
<br />Transfers in 432,686 390,000 434,833 1,385,507 3,280,448 5,923,474
<br />Transfers out (688,518) - (1,385,507) (847,493) (2,093,130) (5,014,648)
<br />Issuance of debt - - - - 3,657,000 3,657,000
<br />Discount on debt issued - - - - (29,252) (29,252)
<br />Capital leases issued - 2,180,000 - - 152,694 2,332,694
<br />Sale of capital assets - - - - 17,439 17,439
<br /> Total other financing sources (uses) (255,832) 2,570,000 (950,674) 538,014 4,985,199 6,886,707
<br />Net change in fund balances 215,005 (1,332,006) (4,338,873) 384,897 3,115,822 (1,955,155)
<br />Fund balances - January 1 4,601,381 1,600,029 5,093,448 4,058,724 14,559,322 29,912,904
<br />Fund balances - December 31$ 4,816,386$ 268,023$ 754,575$ 4,443,621$17,675,144$27,957,749
<br />The notes to the financial statements are an integral part of this statement.
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