Laserfiche WebLink
1 <br />State statutes limit the amount of general obligation debt a Minnesota city may issue to 2% of total Estimated Taxable <br />' Market Value. "fhe current debt ]imitation for the City of Elk River is $40,258,438. Only $16,930,291 of the City's net <br />outstanding debt is counted within the statutory limitation. <br />' Additional information on the City of Elk River's long-term debt can be found in Note 3G on pages 53 - 57 of this report. <br />Economic Factors and Next Year's Budget <br />' The City of Elk River estimates that the demand for city services will grow aC a slower ]eve] as in prior years due to the <br />anticipated slow down in building permits issued. This was taken into consideration in preparation of the City's 2008 <br />budget. The property tax levy is set annually and is adjusted as necessary to fund the cost of providing services to our <br />' citizens and customers. Charges for services are evaluated each year and adjusted if warranted. The City expects to keep <br />the tax rate consistent in upcoming years. <br />Requests for Information <br />' This financial report is designed to provide a general overview of the City of Elk River's finances for all those with an <br />interest in the City's finances. Questions concerning any of the information provided in this report or requests for <br />' additional financial information should be addressed to City of Elk Rivcr, Attn: Finance Director, 13065 Orono Pkwy, Elk <br />River, Minnesota 55330 or by calling (763) 635-1000. <br /> <br /> <br />LJ <br /> <br /> <br /> <br /> <br />1 <br /> <br />1 <br /> <br />18 <br />