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CITY OF LAKE ELMO, MINNESOTA
<br />STATEMENT OF NET POSITION
<br />DECEMBER 31, 2024
<br />
<br />See accompanying notes. 26
<br />
<br /> Governmental
<br />Activities
<br /> Business-Type
<br />Activities Totals
<br />ASSETS
<br />Cash, Cash Equivalents, and Investments 28,531,867$ 17,576,688$ 46,108,555$
<br />Property Taxes Receivable 107,450 - 107,450
<br />Assessments Receivable 3,853,119 4,938,307 8,791,426
<br />Accounts Receivable 36,173 870,552 906,725
<br />Interest Receivable 90,950 64,976 155,926
<br />Due from Other Governments 5,004 1,325,327 1,330,331
<br />Leases Receivable 1,568,508 - 1,568,508
<br />Capital Assets Not Being Depreciated/Amortized 6,312,353 4,280,562 10,592,915
<br />Capital Assets Being Depreciated/Amortized (Net) 98,494,257 105,803,002 204,297,259
<br />Net Pension Asset 656,675 - 656,675
<br />TOTAL ASSETS 139,656,356 134,859,414 274,515,770
<br />DEFERRED OUTFLOWS OF RESOURCES
<br />Pensions 1,209,375 73,516 1,282,891
<br />LIABILITIES
<br />Accounts Payable 1,240,016 464,954 1,704,970
<br />Salaries Payable 48,346 29,941 78,287
<br />Construction Contracts Payable 320,084 - 320,084
<br />Deposits Payable 2,509,232 - 2,509,232
<br />Due to Other Governments - 50,488 50,488
<br />Payroll Deductions and Employer Contributions 25,391 - 25,391
<br />Unearned Revenue 318,300 575,000 893,300
<br />Accrued Interest Payable 428,986 322,850 751,836
<br />Compensated Absences Payable:
<br />Due Within One Year 143,398 38,748 182,146
<br />Due After One Year 47,799 12,916 60,715
<br />Bonds and Subscriptions:
<br />Due Within One Year 2,965,000 2,424,872 5,389,872
<br />Due After One Year 31,484,390 24,949,845 56,434,235
<br />Net OPEB Liability:
<br />Due After One Year 47,176 14,816 61,992
<br />Net Pension Liability:
<br />Due After One Year 1,220,071 224,170 1,444,241
<br />TOTAL LIABILITIES 40,798,189 29,108,600 69,906,789
<br />DEFERRED INFLOWS OF RESOURCES
<br />Pensions 1,261,384 155,407 1,416,791
<br />Leases 1,447,565 - 1,447,565
<br />TOTAL DEFERRED INFLOWS OF RESOURCES 2,708,949 155,407 2,864,356
<br />NET POSITION
<br />Net Investment in Capital Assets 71,683,376 82,708,847 154,392,223
<br />Restricted for:
<br />Debt Service 9,010,313 - 9,010,313
<br />2024 Street & Utility Improvement 368,438 - 368,438
<br />Hudson Blvd Imp-Seg A-InwdHdrx 1,219,181 - 1,219,181
<br />Park Dedication 3,185,344 - 3,185,344
<br />Heritage Farms Street & Utility Improvements 242,783 - 242,783
<br />City Hall / Fire Station Bldg Project 1,462,461 - 1,462,461
<br />Tamarack Farm Estates Street Improvements 128,269 - 128,269
<br />2022 Street Improvements 368,772 - 368,772
<br />Unrestricted 9,689,656 22,960,076 32,649,732
<br />TOTAL NET POSITION 97,358,593$ 105,668,923$ 203,027,516$
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