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<br />An additional portion of the City of Elk River's net assets (4 percent) represents resources that are subject to external
<br />
<br />restrictions on how they may be used. The remaining balance of unrestricted net assets ($4
<br />3,158,011) maybe
<br />used to meet '
<br />the City of Elk River's ongoing obligations to citizens and creditors.
<br />
<br />At the end of the current fiscal year, the City of Elk River is able to report positive balance s in all three catego ries of net
<br />
<br />assets, both for the City as a whole, as well as For its separate governmental and business-type activities. ,
<br />Governmental activities. Governmental activities account for 60°/o of the City of Elk River's net assets. Th e total
<br />
<br />increase in net asset for governmental activities is $1,659,397 accounting for 29% of the total growth in ^eC assets for the '
<br />City. Key elements of this increase are as follows:
<br />City ar Elk River Changes in Net Assets '
<br />Governmental -usiness-type
<br />Activities Aotivities Total
<br />
<br />2007 2006 2007 2006
<br />2007
<br />2006 '
<br />Revenues:
<br />Program revenues:
<br />Charges Cor services $ 3,068,386 $ 4,510,676 $ 30,677,015 $ 27,279,987 $ 33,745 401 $ 31,790,663
<br />
<br />Operating grants and contributions 362,313 387,584 295,081 504,168
<br />657,394
<br />891,752 '
<br />Capital grants and contributions 4,174,427 8,117,D32 1,99fi,fi36 4,297,666 6,171,063 12,414,698
<br />General revenues:
<br />Property taxes 10,639,525 9,545,805 - - 10,639,525 9,545,805 '
<br />Grants and contributions not
<br />reshic[ed to specific programs 2,395,665 2,577,700 - - 2,395,665 2,577,700
<br />Unrestricted investment earnings (,465,401 1,151,144 64D,876 589,210 2,106,277 1,740,354
<br />
<br />Gain on disposal orcapital assets 23,213 28 450 - 2,108
<br />23,213
<br />3QSSR '
<br />Total revenues 22,128.930 26,318,391 33,609,60R 32,673,139 55,73R,538 58,991,530
<br />Expenses:
<br />
<br />General government 2,732,697 2,560,2 L3 - -
<br />2,732,697
<br />2,560213 '
<br />Public safety 5,924,093 5,606,438 - - 5;924,093 5,606,438
<br />Public works 6,527,565 6,169,030 - - 6,527,565 6,169,030
<br />Culture and recreation 3,598,695 2,859,058 - - 3,598,695 2,859,058
<br />Economic development 1,001,829 631,437 - - 1,001,829 631,437
<br />]merest on long-term debt 952,082 764,725 - - 952,082 764,725
<br />Municipal liquor - - 5,302,012 5,202,500 5,302,012 5,202,500
<br />
<br />Garbage - - 1,114,137 1,094,788
<br />1,114,133
<br />1,094,788 '
<br />Sewer - - 1,788,890 1,724,147 1,788,890 1,724,147
<br />Water - - 2,344,158 2,1!2,477 2,344,158 2,t12,477-
<br />Eleciric - - 18,574,266 16,081,812 18,574,266 16,D81,812
<br />Total expenses 20,736,961 18,59Q901 29,123,459 26,215,724 49,860,420 44.806,625
<br />Increase in net assets
<br />before transfers 1391,969 7,727,490 4,486,149 6,457,415 5,878,1 IR 14,184,905
<br />Transfer of capital assets (511,412) - 511,412 - -
<br />Transfers 778,840 908,826 (778,840) (908,826) - -
<br />Change in net assets 1,659,397 8,636,316 4,218,721 5,548,589 5,878,118 14,]&4,905
<br />Ne[assets-beginning ]15,464,961 106,828,645 73,915,677 68.790,344 189,3&0,638 175,618,989
<br />
<br />Prior period adjus[meut - - (186,391) (423,256)
<br />(18fi,391)
<br />(423,256) '
<br />Net assets -beginning, as restated 115,464,961 106,828,645 73.729,286 68,367,088 189,194,247 175.195,733
<br />Net assets-ending $ 117,124,758 $ ]]5,464,961 $ 77,948.007 $ 73,915,677 $ 195,072,365 $ L89,380,638
<br />• A substantial decrease in building and development related revenues due [o the downtown in the housing
<br />
<br />market accounts primarily for the decrease in charges for services and developer contributions to '
<br />infrastructure reported in capital grants and contributions.
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