Laserfiche WebLink
CITY OF ELK RIVER,MINNESOTA <br /> RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES, <br /> AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS <br /> TO THE STATEMENT OF ACTIVITIES <br /> FOR THE YEAR ENDED DECEMBER 31,2014 <br /> NET CHANGE IN FUND BALANCES-TOTAL GOVERNMENTAL FUNDS $ 533,536 <br /> Amounts reported for governmental activities in the statement of activities <br /> are different because: <br /> 1. Governmental funds report capital outlays as expenditures. However,in the <br /> statement of activities,the cost of these assets is allocated over their estimated <br /> useful lives and reported as depreciation expense. This is the amount by <br /> which depreciation expense exceeded capital outlays in the current period. <br /> Capital outlay $ 2,202,494 <br /> Depreciation expense (5,960,915) (3,758,421) <br /> 2. The net effect of various miscellaneous transactions involving capital assets <br /> including transfers and disposals,which decrease net position. <br /> Donations 3,105,000 <br /> Transfers of capital assets (313,287) <br /> Disposals (429,632) <br /> Depreciation on disposals 414,398 2,776,479 <br /> 3. 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 (131,020) <br /> Special assessments (516,924) (647,944) <br /> 4. The issuance of long-term debt provides current financial resources to <br /> governmental funds,while the repayment of the principal of long-term debt <br /> consumes the current financial resources of governmental funds. Neither <br /> transaction,however,has any effect on net position. Also,governmental <br /> funds report the effect of premiums,discounts and similar items when debt <br /> is first issued,whereas these amounts are deferred and amortized in the <br /> statement of activities. The amounts below are the effects of these differences <br /> in the treatment of long-term debt and related items. <br /> Repayment of principal of long-term debt 1,535,000 <br /> 5. Some expenses reported in the statement of activities do not require use of <br /> current financial resources and,therefore,are not reported as expenditures <br /> in governmental funds. <br /> Accrued interest payable 14,899 <br /> Amortization of issuance premium 51,072 <br /> Amortization of deferred charge from refunding (36,265) <br /> Compensated absences (61,690) <br /> Net OPEB obligation (69,992) (101,976) <br /> CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 336,674 <br /> The notes to the financial statements are an integral part of this statement. <br /> IIjTgI�3 <br />