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CITY OF ELK RIVER, MINNESOTA <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS <br />BALANCE SHEET TO THE STATEMENT OF NET POSITION <br />DECEMBER 31, 2015 <br />Amounts reported for the governmental activities in the statement of net position are different because <br />Total fund balances - governmental funds $ 41,112,019 <br />1. Long-term assets for pensions reported in governmental activities are not financial <br />resources and therefore are not reported as assets in the funds. 954,913 <br />2. Capital assets used in governmental activities are not financial resources and therefore <br />are not reported as assets in governmental funds. <br />Governmental capital assets 169,538,187 <br />Less accumulated depreciation (69,326,468) 100,211,719 <br />3. Unavailable revenue in governmental funds is susceptible to full accrual <br />on the government -wide statements. <br />4. Long-term liabilities are not due and payable in the current period and, <br />therefore are not reported in governmental funds. <br />Bonds payable <br />Deferred charge on refunding <br />Issuance premium <br />Contract for deeds <br />Accrued interest payable <br />Compensated absences <br />Net pension liability <br />Net OPEB obligation <br />5. Governmental funds do not report long-term amounts related to pensions. <br />Deferred outflows of pension resources <br />Deferred inflows of pension resources <br />Total net position - governmental activities <br />The notes to the financial statements are an integral part of this statement. <br />-35- <br />1,812,940 <br />(33,220,000) <br />258,316 <br />(494,456) <br />(1,410,000) <br />(514,200) <br />(1,466,238) <br />(7,589,597) <br />(376,943) (44,813,118) <br />1,716,124 <br />(2,117,679) (401,555) <br />$ 98,876,918 <br />