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Annual Financial Report

Elk River Municipal Utilities Elk River, Minnesota For the Year Ended December 31, 2017 Annual Financial Report THIS PAGE IS LEFT BLANK INTENTIONALLY Elk River Municipal Utilities Elk River, Minnesota Table of Contents For the Year Ended December 31, 2017 Page No. Introductory Section Public Utilities Commission and Administration 7 Financial Section Independent Auditor s Report 11 Management s Discussion and Analysis 15 Financial Statements Statement of Net Position 22 Statement of Revenues, Expenses and Changes in Net Position 25 Statement of Cash Flows 26 Notes to the Financial Statements 29 Required Supplementary Information Schedule of Employer s Share of Public Employees Retirement Association Net Pension Liability - General Employees Retirement Fund 50 Schedule of Employer s Public Employees Retirement Association Contributions - General Employees Retirement Fund 50 Schedule of Funding Progress for the Other Postemployment Benefit Plan 51 Supplementary Information Schedule of Operating Revenues and Expenses 54 Electric Fund Summary of Operations and Unaudited Statistics 56 Water Fund Summary of Operations and Unaudited Statistics 58 Other Report Independent Auditor s Report on Minnesota Legal Compliance 63 3 THIS PAGE IS LEFT BLANK INTENTIONALLY 4 INTRODUCTORY SECTION

The financial statements of the Utilities report information about the Utilities using accounting methods similar to those used by the private sector. These statements offer short-term and long-term financial in formation about its activities.

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