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City of Elk River <br />Housing and Redevelopment Authority Component Unit <br />Balance Sheet - Governmental Fund <br />December 31, 2021 <br />Housing and <br />Redevelopment <br />Authority <br />Assets <br />Cash and investments <br />$ 775,500 <br />Taxes receivable <br />7,119 <br />Accounts receivable <br />1,269 <br />Notes receivable <br />474,338 <br />Due from primary government <br />179,331 <br />Land held for resale <br />382,000 <br />Total assets <br />$ 1,819,557 <br />Liabilities <br />Accounts payable 5,176 <br />Salaries and benefits payable 1,797 <br />Due to primary government 4,002 <br />Total liabilities 10,975 <br />Deferred Inflows of Resources <br />Unavailable revenue - property taxes 2,107 <br />Fund Balances <br />Nonspendable 474,338 <br />Restricted for housing and redevelopment 1,332,137 <br />Total fund balances 1,806,475 <br />Total liabilities, deferred inflows <br />of resources, and fund balances $ 1,819,557 <br />Total fund balances reported above $ 1,806,475 <br />Amounts reported for the Housing and Redevelopment Authority in the Statement of Net Position are different because: <br />Capital assets used in governmental activities are not financial resources, and therefore, <br />are not reported in the funds <br />Land 257,100 <br />Other improvements 174,290 <br />Less: accumulated depreciation (105,542) <br />Some receivables are not available soon enough to pay for the current periods expenditures, <br />and therefore are reported as unavailable revenue in the funds <br />Delinquent taxes receivable 2,107 <br />The net pension liability and related deferred inflows and deferred outflows are recorded <br />only on the Statement of Net Position. Balances at year-end are: <br />Net pension liability (27,283) <br />Deferred inflows of resources related to pensions (25,081) <br />Deferred outflows of resources related to pensions 20,255 <br />Total net position - Housing and Redevelopment Authority $ 2,102,321 <br />144 <br />