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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 31,2017 <br /> FUND BALANCE-TOTAL GOVERNMENTAL FUNDS $ 29,112,913 <br /> Amounts reported for governmental activities in the statement of net position <br /> are different because: <br /> 1. Capital assets used in governmental activities are not financial resources <br /> and therefore are not reported in the governmental funds. <br /> Governmental capital assets $175,705,752 <br /> Less accumulated depreciation (77,685,618) 98,020,134 <br /> 2. Long-term assets for pensions reported in governmental activities are not <br /> financial resources and therefore are not reported as assets in the funds. 749,793 <br /> 3. U available revenue in governmental funds is susceptible to full accrual <br /> on the government-wide statements. 985,462 <br /> 4. Lo g-term liabilities are not due and payable in the current period and <br /> th= efore are not reported in the governmental funds. <br /> Bonds payable (18,855,000) <br /> Deferred charge on refunding 185,786 <br /> Issuance premium (392,312) <br /> Accrued interest payable (201,755) <br /> Compensated absences (1,555,037) <br /> Net pension liability (9,389,558) <br /> Net OPEB obligation (468,119) (30,675,995) <br /> 5. Governmental funds do not report long-term amounts related to pensions. <br /> Deferred outflows of pension resources $ 8,492,047 <br /> Deferred inflows of pension resources (8,778,520) (286,473) <br /> NET P•SITION OF GOVERNMENTAL ACTIVITIES $ 97,905,834 <br /> The notes to the financial statements are an integral part of this statement. <br /> III-11 <br /> 63 <br />