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CITY OF ELK RIVER <br />HOUSING AND REDEVELOPMENT AUTHORITY <br />RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET <br />TO THE STATEMENT OF NET POSITION <br />DECEMBER 31, 2019 <br />Total Fund Balance - Housing and Redevelopment Authority <br />Total net position reported for governmental activities in the statement of <br />net position is different because: <br />Capital assets used in governmental funds are not financial resources <br />and, therefore, are not reported in the funds. Those assets consist of: <br />Land $ 257,100 <br />Other Improvements 174,290 <br />Total Capital Assets 431,390 <br />Less: Accumulated Depreciation (82,302) <br />Some of the receivables (including property taxes and other long-term <br />receivables) will be collected after year-end, but are not available soon <br />enough to pay for the current period's expenditures and, therefore, are <br />reported as deferred inflows of resources in the governmental funds. <br />The net pension liability and related deferred inflows and deferred <br />outflows are recorded only on the statement of net position. Balances at <br />year-end are: <br />Net Pension Liability (55,520) <br />Deferred Inflows of Resources - Pensions (11,759) <br />Deferred Outflows of Resources - Pensions 5,533 <br />Total Net Position - Housing and Redevelopment Authority <br />$ 1,854,097 <br />349,088 <br />2,141 <br />(61,746) <br />$ 2,143,580 <br />(115) <br />