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CITY OF ELK RIVER, MINNESOTA <br />HOUSING AND REDEVELOPMENT AUTHORITY <br />RECONCILIATION OF THE GOVERNMENTAL FUND <br />BALANCE SHEET TO THE STATEMENT OF NET POSITION <br />DECEMBER 31, 2018 <br />FUND BALANCE - HOUSING AND REDEVELOPMENT AUTHORITY <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 current financial <br />resources and therefore are not reported in the governmental funds: <br />$ 1,857,068 <br />Land $ 257,100 <br />Other Improvements 174,290 <br />Total Capital Assets 431,390 <br />Less accumulated depreciation (70,683) 360,707 <br />2. Unavailable revenue in governmental funds is susceptible to full accrual <br />on the government -wide statements. 1,885 <br />3. Long-term liabilities are not due and payable in the current period and <br />therefore not reported in the governmental funds: <br />Net pension liability (51,835) <br />4. Governmental funds do not report long-term amounts related to pensions. <br />Deferred outflows of pension resources 10,241 <br />Deferred inflows of pension resources (15,585) (5,344) <br />NET POSITION OF HOUSING AND REDEVELOPMENT AUTHORITY $ 2,162,481 <br />104 <br />