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<br />CITY OF ELK RIVER, MINNESOTA
<br />STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES 1 N FUND BAL ANCES
<br />GOVERNMENTAL FUNDS
<br />FOR THE YEAR ENDED DECEbIBER 31, 2007
<br />
<br />General Improvement
<br />
<br />Fund
<br />Library
<br />Bonds '
<br />REVENUES
<br />Property taxes $ 7,900,155 $ 141,680 $ 84,097
<br />Licenses and permits gg7 708 _
<br />Intergovernmental revenue 1,369,707 6,225 3,556
<br />Charges for services 749.698 - -
<br />Fines and forfeits ]48,904 - -
<br />Specia] assessments - - 231,539 ,
<br />Interest 234,780 78,025 25,336
<br />Misce]laneous
<br />Landfill host fee
<br />_
<br />Refunds and reimbursements 76,560 _
<br />- _
<br />- '
<br />Other 7 372 - -
<br />Total revenues ] 1,474.914 225,930 344,828
<br />EXPENDITURES '
<br />Current:
<br />General government 2,377,897 - -
<br />Public safety 5,084,372 - - '
<br />Public works 1,750,821 - _
<br />Culture a~td recreation 1,496,202 59,082 -
<br />Economic development _ _ -
<br />Debt service:
<br />Principal - - 395,000
<br />Interest and service charges - - 65,604
<br />Bond issuance costs _ _ -
<br />
<br />Capital outlay: ,
<br />General govemment 5,488 - -
<br />Pu61ic safety 131
<br />906 - -
<br />,
<br />Public works 187,734
<br />-
<br />- '
<br />Culture and recreation 76,150 3,843,312 -
<br />Infrastructure,~deve(opment projects _ _ _
<br />Total expenditures 11,110,570 3,902,394 460,604
<br />Excess (deficiency) of revenues over (under) expenditures 364,344 (3,676,464) (115,776)
<br />OTHER FINANCING SOURCES (USES)
<br />
<br />Transfers in 441,803
<br />941,723
<br />108,817 '
<br />Transfers out (270,529) (8L,188) (35,000
<br />)
<br />Issuance of debt
<br />Discount on debt issued _ _ _ '
<br />Capital leases issued _ _ -
<br />Sale of capita] assets - 188,068 -
<br />Total otherfinancing sources (uses) 171,274 1,048,603 73,817
<br />Net change in fiord balances 535,618 (2,627,861) (41,959)
<br />Fund ba]ances - January l 4.816,386 2,901,649 754,571
<br />Fund balances -December 3 ] $ 5,352.004 $ 273.788 $ 712,616
<br /> '
<br />The notes to the financial statements are an Integra] part of this statement.
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