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City of Elk River <br />Housing and Redevelopment Authority Component Unit <br />Statement of Revenues, Expenditures, and Change in Fund Balances <br />Year Ended December 31, 2021 <br />Housing and <br />Redevelopment <br />Authority <br />Revenues <br />Property taxes <br />$ 320,897 <br />Intergovernmental <br />177 <br />Other revenue <br />Investment income <br />5,541 <br />Total revenues <br />326,615 <br />Expenditures <br />Current <br />Economic development 163,993 <br />Net change in fund balances 162,622 <br />Fund Balances <br />Beginning of year 1,643,853 <br />End of year $ 1,806,475 <br />Amounts reported for the Housing and Redevelopment Authority in the <br />Statement of Activities are different because: <br />Net changes in fund balances - Housing and Redevelopment Authority $ 162,622 <br />Capital outlays are reported in governmental funds as expenditures. However, in the Statement of Activities <br />the cost of those assets is allocated over their estimated useful lives as depreciation expense. <br />Capital outlay <br />Depreciation expense (11,619) <br />Certain revenues are recognized as soon as they are earned. Under the modified accrual basis of <br />accounting, certain revenues cannot be recognized until they are available to liquidate liabilities <br />of the current period. <br />Property taxes (98) <br />Pension expenditures in the governmental funds are measured by current year employee contributions. <br />Pension expenses on the Statement of Activities are measured by the change in net pension liability <br />and the related deferred inflows and deferred outflows of resources. 16,479 <br />Change in net position - Housing and Redevelopment Authority <br />$ 167,384 <br />145 <br />