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CITY OF ELK RIVER <br />HOUSING AND REDEVELOPMENT AUTHORITY <br />RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, <br />AND CHANGE IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES <br />YEAR ENDED DECEMBER 31, 2019 <br />Net Change in Fund Balances - Housing and Redevelopment Authority <br />Amounts reported for governmental activities in the statement of activities are <br />different because: <br />Governmental funds report capital outlays as expenditures and proceeds from <br />the sale of capital assets as revenues. However, in the statement of activities, <br />assets are capitalized and the cost is allocated over their estimated useful lives <br />and reported as depreciation expense. This is the amount by which <br />depreciation exceeded capital outlays in the current period. <br />Depreciation Expense <br />Delinquent and certain other property taxes receivable will be collected <br />subsequent to year-end, but are not available soon enough to pay for the <br />current period's expenditures and, therefore, are reported as deferred inflows <br />of resources and excluded from revenues in the governmental funds. <br />Unavailable Revenue - Property Taxes <br />Pension expenditures in the governmental funds are measured by current year <br />employee contributions. Pension expenses on the statement of activities are <br />measured by the change in net pension liability and the related deferred inflows <br />and outflows of resources. <br />Change in Net Position - Housing and Redevelopment Authority <br />$ (2,971) <br />(11,619) <br />256 <br />(4,567) <br />$ (18,901) <br />(117) <br />