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IV-12
<br />CITY OF ELK RIVER
<br />RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF
<br />NET POSITION -GOVERNMENTAL ACTIVITIES
<br />DECEMBER 31, 2019
<br />Total Fund Balances for Governmental Funds
<br />Total net position reported for governmental activities in the statement of net position is
<br />different because:
<br />Capital assets used in governmental funds are not financial resources and, therefore, are not
<br />reported in the funds. Those assets consist of:
<br />Land $ 40,946,181
<br />Construction in Progress 12,883,985
<br />Buildings 44,997,927
<br />Other Improvements 6,557,771
<br />Streets and Infrastructure 71,116,985
<br />Equipment and Furniture 14,298,469
<br />Total Capital Assets 190,801,318
<br />Less: Accumulated Depreciation (84,966,178)
<br />Long-term assets for pensions reported in governmental activities are not financial resources
<br />and, therefore, are not reported as assets in the funds.
<br />Some of the City's receivables (including property taxes, special assessments and other
<br />long-term receivables) will be collected after year-end, but are not available soon enough to
<br />pay for the current period's expenditures and, therefore, are reported as deferred inflows of
<br />resources in the governmental funds.
<br />The City's net pension liability and related deferred inflows and deferred outflows are
<br />recorded only on the statement of net position. Balances at year-end are:
<br />Net Pension Liability (7,541,740)
<br />Deferred Inflows of Resources -Pensions (6,126,484)
<br />Deferred Outflows of Resources -Pensions 4,598,580
<br />The City's OPEB liability and related deferred inflows and deferred outflows are recorded
<br />only on the statement of net position. Balances at year-end are:
<br />OPEB Liability (740,405)
<br />Deferred Inflows of Resources -OPEB (87,682)
<br />Deferred Outflows of Resources -OPEB 45,942
<br />Long-term liabilities that pertain to governmental funds, including bonds payable, are not due
<br />and payable in the current period and, therefore, are not reported as fund liabilities. All
<br />liabilities -both current and long term -are reported in the statement of net position.
<br />Bonds Payable (48,680,000)
<br />Unamortized Premiums (3,511,113)
<br />Deferred Charge on Refunding 113,256
<br />Accrued Interest Payable (490,640)
<br />Compensated Absence Payable (1,607,604)
<br />Total Net Position of Governmental Activities
<br />See accompanying Notes to Basic Financial Statements.
<br />$ 57,018,186
<br />105,835,140
<br />205,427
<br />2,822,950
<br />(9,069,644)
<br />(782,145)
<br />(54,176,101)
<br />$ 101,853,813
<br />160
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