5.1. SR 05-14-2001 - Laserfiche WebLink

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April 23, 2001 Honorable Mayor K]|nz|ng andCnunni|member* 13US5Orono Parkway Elk River, Minnesota 55330 Dear Mayor and Councilmembers-1 The Comprehensive Annual Financial Report (CAFR) for the City ofElk River for the fiscal year ended December 31.28O0,hahereby submitted. Responsibility for both the completeness and accuracy of this data, as well as the fairness of this presentation including all enclosures, rests with the City. Tothe best ofmyknowledge and belief, the enclosed data are accurate inall material respects and are recorded in a manner designed to present fairly the financial position and the results ofoperations ofthe various funds and account groups ofthe City. All disclosure necessary toenable the reader togain anunderstanding ofthe City's financial activities has been included. The Comprehensive Annual Financial Report (CAFR) is presented in three sections: Introductory, Financial, and Statistical. The Introductory section includes list cfCity officials, the organizational chart, and this transmittal letter. The Fiinenmasection includes the Independent Auditor's Report, the general purpose financial statements, the combining, individual, and account group financial statements and schedules, and the bonded and indebtedness schedules, including information onbond maturities. The Statistical section includes, selected financial and demographic information generally presented onomulti-year basis. Whenever possible, ten year historical information ispresented. The funds included in Ellk River's Comprehensive Annual Financial Report are those considered tobewithinthe finamuia|reporting entity ofthe City ufElk River (the primary government) amwell asall ofits component units. Component units are Kega||yseparate entities for which the primary government is financially accountable. The Elk River Economic Development Authority (EDA)iu considered part of the pdmary government due to the composition of its governing board of which the City Council members hold four ofthe seven seats. The City ofElk River provides afull range ofservices including general government, planning and zoning, euomurniudevelopment, public safety, building, fire, and safety inspections, parks and recreation, library, street, infrastructure maintenance and nepair, and other City activities. The City also provides utifity services including water, aewer, garbage, and electric, and the City operates onoff-sale liquor store. Discretely presented component units are reported in a separate column in the financial statements toemphasize that they are legally separate from the primary government and ho differentiate their financial positions, results ofoperations, and cash flows from those of the primary government. The Elk River Housing and Redevelopment Authority (HRA)|areported as adiscreetly presented component unit.