5.5. SR 06-02-2008 - Laserfiche WebLink

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Proprietary funds. When the City of Elk River charges customers for the services it provides -whether to outside ' customers or to other departments of the City -these services are generally reported in proprietary funds. Proprietary funds are reported in the same way that all activities are reported in the statement of net assets and the statement of revenues, expenses, and changes in net assets. The enterprise funds are the same as the business-type activities reported in ' the government-wide statements but provide more detail and additional information, such as cash flows, for proprietary funds. The City of Elk River uses enterprise funds to account for its municipal liquor, garbage, sewer, water, and electric operations. The basic proprietary fund financial statements can be found on pages 30 - 37 of this report. Fiduciary funds. Fiduciary funds are used to account for resources held for the benefrt of parties outside the government ' Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City of Elk River's own program. The accounting used for fiduciary funds is much like that used for proprietary funds. ' The basic fiduciary fund fmancial statements can be found on page 38 of this report. Notes to Financial Statements. The notes provide additional information that is essential to a full understanding of the ' data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 39 - 62 of this report. Other Information. The combining statements referred to earlier in connection with nonmajor governmental funds and ' internal service funds are presented immediately following the notes to financial statements Combining and individual fund statements and schedules can be found on pages 63 - 77 of this report. ' Government-wide Financial Analysis As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. [n the case of the City of Elk River, assets exceeded liabilities by $195,072,365 at the close of the most recent fiscal year. ' By far, the largest portion of the City of Elk River's net assets (75 percent) reflects its investment in capital assets (e.g., land, buildings, machinery, and equipment), less any related debt used to acquire Those assets that is still outstanding. The ' City of Elk River uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the Ciry of Elk River's investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided Crom other sources, since the capita( assets themselves cannot be used to liquidate these liabilities. ' City of Elk River Net Assets - ' Governmental Business-type Activities Activities Total 2007 2006 2007 2006 2007 2006 Current and other assets $44,306,116 $36,041,853 $20,956,777 $16,779,125 $65,262,893 $52,820,978 ' Capital assets 109,598,670 101,371,669 78,732,486 76,302,549 188,331,156 178,174,218 Total assets 153,904,786 137,413,52? 99,689,263 93,581,674 253,594,049 230,995,196 Long-term liabilities outstanding 31,416,820 19,4]8,753 19,38!,918 17,706,784 5Q798,738 37,125,537 Other liabilities 5,363,608 2,529,808 2,359,338 1,959,213 7,722,946 4,489,02] ' Totai liabilities 36,78Q,428 21,948,561 21,74 1,256 19,665,997 58,521,684 41,614,558 Invested in capital assets net of related debt 85,293,459 82,663,610 59,698,432 59,41Q729 144,99],891 142,074,339 Restricted 6,189,063 4,793,037 733,400 445,900 6,922,463 5,238,937 Unrestricted 25,641,836 28,008,314 17,516,175 14,059,048 43,]58,011 42,067,362 Total net assets $117,124,358 $115,46496L $77,948,007 $73,915,677 $195,072,365 $189,38Q638 12