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HOUSING AND REDEVELOPMENT AUTHORITY <br />OF ELK RIVER, MINNESOTA <br />RECONCILIATION OF THE GOVERNMENTAL FUND <br />BALANCE SHEET TO THE STATEMENT OF NET POSITION <br />DECEMBER 31, 2015 <br />Amounts reported for governmental activities in the statement of net position are different because <br />Fund balance - housing and redevelopment authority <br />1. Capital assets used in governmental activities are not current financial <br />resources and therefore are not reported in the governmental funds <br />Governmental capital assets <br />Less accumulated depreciation <br />2. Unavailable revenue in governmental funds is susceptible to full accrual <br />on the government -wide statements. <br />3. Long-term liabilities are not due and payable in the current period and, <br />therefore are not reported in governmental funds. <br />Net pension liability <br />4. Governmental funds do not report long-term amounts related to pensions. <br />Deferred outflows of pension resources <br />Deferred inflows of pension resources <br />Net position of housing and redevelopment authority <br />-123- <br />$ 1,917,807 <br />$ 431,390 <br />(35,826) <br />395,564 <br />1,554 <br />(39,524) <br />4,629 <br />(9,025) <br />(4,396) <br />$ 2,271,005 <br />