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CITY OF ELK RIVER, MINNESOTA <br />HOUSING AND REDEVELOPMENT AUTHORITY <br />RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, <br />AND CHANGE IN FUND BALANCE OF GOVERNMENTAL FUND <br />TO THE STATEMENT OF ACTIVITIES <br />FOR THE YEAR ENDED DECEMBER 31, 2018 <br />NET CHANGE IN FUND BALANCES - HOUSING AND REDEVELOPMENT AUTHORITY $ (233,896) <br />Amounts reported for governmental activities in the statement of activities are <br />different because: <br />1. Governmental funds report capital outlays as expenditures. However, in the <br />statement of activities the cost of those assets is allocated over their estimated <br />useful lives and reported as depreciation expense. This is the amount by which <br />depreciation expense exceeded capital outlays in the current period. <br />Depreciation expense (11,619) <br />Revenues in the statement of activities that do not provide current financial <br />resources are not reported as revenues in the governmental funds. <br />Unavailable Revenue - Property taxes (594) <br />3. Long-term pension activity is not reported in governmental funds. <br />Pension expense 1,796 <br />CHANGE IN NET POSITION OF HOUSING AND REDEVELOPMENT AUTHORITY $ (244,313) <br />106 <br />