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CITY OF ELK RIVER, MINNESOTA
<br />RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF
<br />NET POSITION - GOVERNMENTAL ACTIVITIES
<br />DECEMBER 31, 2020
<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
<br />$ 40,769,513
<br />Construction in Progress
<br />2,586,460
<br />Buildings
<br />67,975,766
<br />Other Improvements
<br />10,387,112
<br />Streets and Infrastructure
<br />72,706,872
<br />Equipment and Furniture
<br />14,857,960
<br />Total Capital Assets
<br />209,283,683
<br />Less: Accumulated Depreciation
<br />(85,386,018)
<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 long-
<br />term receivables) will be collected after year-end, but are not available soon enough to pay
<br />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 (8,670,701)
<br />Deferred Inflows of Resources - Pensions (3,504,137)
<br />Deferred Outflows of Resources - Pensions 2,858,791
<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 (821,235)
<br />Deferred Inflows of Resources - OPEB (73,733)
<br />Deferred Outflows of Resources - OPEB 81,538
<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 (61,555,000)
<br />Unamortized Premiums (4,708,545)
<br />Deferred Charge on Refunding 76,991
<br />Accrued Interest Payable (246,950)
<br />Compensated Absence Payable (1,710,968)
<br />Total Net Position of Governmental Activities
<br />58,504,345
<br />123,897,665
<br />631,368
<br />5,402,643
<br />(9,316,047)
<br />(813,430)
<br />(68,144,472)
<br />$ 110,162,072
<br />See accompanying Notes to Basic Financial Statements.
<br />(25)
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