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CITY OF ELK RIVER
<br />RECONCILIATION OF THE BALANCE SHEET TO THE
<br />STATEMENT OF NET POSITION
<br />GOVERNMENTAL ACTIVITIES
<br />DECEMBER 31, 2016
<br />Total Fund Balances for Governmental Funds
<br />Total net position reported for governmental activities in the statement of net position is
<br />different because:
<br />Capital assets used in governmental funds are not financial resources and, therefore, are
<br />not reported in the funds. Those assets consist of:
<br />Land
<br />Construction in Progress
<br />Buildings
<br />Other Improvements
<br />Streets and Infrastructure
<br />Equipment and Furniture
<br />Total Capital Assets
<br />Less: Accumulated Depreciation
<br />40,876,833
<br />437,501
<br />45,048,097
<br />5,438,466
<br />66,110, 684
<br />12, 764, 099
<br />170,675,680
<br />(72, 764, 861)
<br />Long-term assets for pensions reported in governmental activities are not financial
<br />resources and therefore are not reported as assets in the funds.
<br />Some of the City's receivables (including property taxes, special assessments and other {
<br />long-term receivables) will be collected after year-end, but are not available soon enough to
<br />pay for the current period's expenditures and, therefore, are reported as deferred inflows of
<br />resources in the governmental funds.
<br />The City's net pension liability and related deferred inflows and deferred outflows are
<br />recorded only on the statement of net position. Balances at year end are:
<br />Net Pension Liability
<br />(18,541,369)
<br />Deferred Inflows of Resources - Pensions
<br />(2,276,632)
<br />Deferred Outflows of Resources - Pensions'
<br />11,481,277
<br />Long-term liabilities that pertain to governmental funds, including bonds payable, are not
<br />due and payable in the current period and, therefore, are not reported as fund liabilities. All
<br />liabilities - both current and long term - are reported in the statement of net position.
<br />Bonds Payable
<br />(29,530,000)
<br />Unamortized Premiums
<br />(443,384)
<br />Deferred Charge on Refunding
<br />222,051
<br />Accrued Interest Payable
<br />(377,405)
<br />Compensated Absence Payable
<br />(1,494,429)
<br />Other Postemployment Benefits
<br />(426,720)
<br />Total Net Position of Governmental Activities
<br />See accompanying Notes to Basic Financial Statements.
<br />(24 )
<br />38,334,630
<br />97,910,819
<br />480,918
<br />1,354,889
<br />(9,336,724)
<br />(32,049,887)
<br />$ 96,694,645
<br />
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