|
!~
<br />
<br />
<br />
<br />
<br />
<br />Management's Discussion and Analysis
<br />As management of the City of Elk River, we offer readers of the City's financial statements this narrative overview and
<br />analysis of the financial activities of the City for the fiscal year ended December 31, 2007. We encourage readers to
<br />consider the information presented here in conjunction with the additional information that we have furnished in our letter
<br />of transmittal, which can be found on pages 1 - 4 of this report.
<br />Financial Highlights
<br />The assets of the City of Elk River exceeded its liabilities at the close of the most recent fiscal year by $195,072,365 (net
<br />assets). Of this amount, S43,158,011 (unrestricted net assets) may be used to meet the City's ongoing obligations to
<br />citizens and creditors.
<br />The City's total net assets increased by 55,691,727.
<br />As ofthe close of the currenEfisca] year, the City of Elk River's governmental funds reported combined ending fund
<br />balances of $32,834,718.
<br /> Special Debt Capital
<br /> General Revenue Service Projects Total
<br />' Reserved $ 5,938
<br />Designated 5,346,066 $ 6,357,793
<br />3,062,889 $ 2,212;639 $ 5,883,231
<br />9,179,236 $ 14,459,601
<br />17,588,191
<br /> Undesignated - 786,926 - - 786,92b
<br /> $ 5,352,004 $ 10,207,608 $ 2,212,639 $ 15,062,467 $ 32,834,7]8
<br />
<br />' The City of Elk River's total long-term liabil ities increased $13,6 73,201 during the current fiscal year, from $37,125,537 Co
<br /> $50,798,738.
<br /> Beginning Ending
<br /> Balance Additions Reductions Balance
<br /> Governmental activities:
<br /> Bonds payable $ 17,006,834 $ 13,390,500 $ (1,656,934) $ 28,740,350
<br /> Capital leases 1,908,725 325,000 (110,633) 2,123,092
<br /> Compensated absences 503,194 372,246 (322,062) 553,378
<br /> Total govemmental activities 19 418,753 74,087.746 f2,D89,679) 31,416,820
<br /> Business-type activities:
<br /> Bonds payable
<br />Notes payable 74,325,000
<br />3,066,820 2,875,OOD (1,045,000)
<br />(187,766) ]6,155,000
<br />2;879,054
<br /> Compensated absences 314,964 249,498 (216,598) 347,864
<br /> Totalbusiness-typeactivities 17,706,784 3,]24,498 (1,449,364) 19,381,918
<br /> Total City long-term (iabilities $ 37,125,537 $ 17,212,244 $ (3,539.043) $ 50,798,738
<br />'
<br /> Overview of the Financial Statements
<br />' This discussion and analysis are intended to serve as an introducti on to the City o f Elk River's basic financial statements.
<br /> The City's basic financial statemenCS comprise three components: 1) government -wide financial statements, 2) fund
<br /> financial statements, and 3) notes to the finan cial statements. Thi s report also co ntains other supplem ental information in
<br /> addition to the basic financial statemenCS Che mselves.
<br /> 10
<br />
<br />
|