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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 $ 38,334,630
<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 not
<br /> reported in the funds. Those assets consist of:
<br /> Land 40,876,833
<br /> Construction in Progress 437,501
<br /> Buildings 45,048,097
<br /> Other Improvements 5,438,466
<br /> Streets and Infrastructure 66,110,684
<br /> Equipment and Furniture 12,764,099
<br /> Total Capital Assets 170,675,680
<br /> Less:Accumulated Depreciation (72,764,861) 97,910,819
<br /> Long-term assets for pensions reported in governmental activities are not financial resources
<br /> and therefore are not reported as assets in the funds. 480,918
<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. 1,354,889
<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 (18,541,368)
<br /> Deferred Inflows of Resources-Pensions (2,276,632)
<br /> Deferred Outflows of Resources-Pensions 11,481,277 (9,336,723)
<br /> Long-term liabilities that pertain to governmental funds,including bonds payable,are not due
<br /> 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 (29,530,000)
<br /> Unamortized Premiums (443,384)
<br /> Deferred Charge on Refunding 222,051
<br /> Accrued Interest Payable (377,405)
<br /> Compensated Absence Payable (1,494,429)
<br /> Other Postemployment Benefits (426,720) (32,049,887)
<br /> Total Net Position of Governmental Activities $ 96,694,646
<br /> See accompanying Notes to Basic Financial Statements.
<br /> (24)
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