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HOUSING AND REDEVELOPMENT AUTHORITY <br /> OF ELK RIVER,MINNESOTA <br /> RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES, <br /> AND CHANGE IN FUND BALANCE OF GOVERNMENTAL FUND <br /> TO THE STATEMENT OF ACTIVITIES <br /> FOR THE YEAR ENDED DECEMBER 31,2013 <br /> NET CHANGE IN FUND BALANCES-HOUSING AND REDEVELOPMENT AUTHORITY $ 173,986 <br /> Amounts reported for governmental activities in the statement of activities are <br /> different because: <br /> 1. Governmental funds report capital outlays as expenditures. However,in the <br /> statement of activities the cost of those assets is allocated over their estimated <br /> useful lives and reported as depreciation expense. This is the amount by which <br /> depreciation expense exceeded capital outlays in the current period. <br /> Depreciation expense (11,619) <br /> 2. Revenues in the statement of activities that do not provide current financial <br /> resources are not reported as revenues in the governmental funds. <br /> Property taxes (3,121) <br /> CHANGE IN NET POSITION OF HOUSING AND REDEVELOPMENT AUTHORITY $ 159,246 <br /> 85 <br />