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City of Elk River
<br />Statement of Net Position
<br />December 31, 2021
<br />Primary Government
<br />Component Unit
<br />Housing and
<br />Governmental
<br />Business -Type
<br />Redevelopment
<br />Activities
<br />Activities
<br />Total
<br />Authority
<br />Liabilities
<br />Accounts payable
<br />$ 2,499,069
<br />$ 6,168,767
<br />$ 8,667,836
<br />$ 5,176
<br />Salaries and benefits payable
<br />479,110
<br />287,546
<br />766,656
<br />1,797
<br />Deposits payable
<br />-
<br />1,135,714
<br />1,135,714
<br />-
<br />Contracts payable
<br />1,011,531
<br />-
<br />1,011,531
<br />-
<br />Due to other governments
<br />16,990
<br />267,376
<br />284,366
<br />-
<br />Due to primary government
<br />-
<br />-
<br />-
<br />4,002
<br />Due to component unit
<br />179,331
<br />-
<br />179,331
<br />-
<br />Unearned revenue
<br />2,072,587
<br />218,536
<br />2,291,123
<br />-
<br />Interest payable
<br />Payable within one year
<br />432,040
<br />624,928
<br />1,056,968
<br />-
<br />Net bonds payable
<br />Payable within one year
<br />2,265,000
<br />8,865,000
<br />11,130,000
<br />-
<br />Payable after one year
<br />61,099,308
<br />39,178,368
<br />100,277,676
<br />-
<br />Notes from direct borrowings
<br />Payable within one year
<br />-
<br />209,124
<br />209,124
<br />-
<br />Compensated absences payable
<br />Payable within one year
<br />752,587
<br />490,024
<br />1,242,611
<br />-
<br />Payable after one year
<br />1,092,529
<br />53,948
<br />1,146,477
<br />-
<br />Net pension liability
<br />Payable after one year
<br />5,902,850
<br />3,082,557
<br />8,985,407
<br />27,283
<br />Total OPEB liability
<br />Payable after one year
<br />766,820
<br />103,624
<br />870,444
<br />-
<br />Total liabilities
<br />78,569,752
<br />60,685,512
<br />139,255,264
<br />38,258
<br />Deferred Inflows of Resources
<br />Deferred inflows of resources
<br />related to OPEB
<br />134,572
<br />18,185
<br />152,757
<br />-
<br />Deferred inflows of resources
<br />related to pensions
<br />9,769,924
<br />2,832,246
<br />12,602,170
<br />25,081
<br />Total deferred inflows
<br />of resources
<br />9,904,496
<br />2,850,431
<br />12,754,927
<br />25,081
<br />Net Position
<br />Net investment in capital assets
<br />75,360,937
<br />87,943,523
<br />163,304,460
<br />325,848
<br />Restricted for
<br />Fiscal recovery
<br />115
<br />-
<br />115
<br />-
<br />Public safety
<br />40,933
<br />-
<br />40,933
<br />-
<br />Parks and recreation improvements
<br />1,920,737
<br />-
<br />1,920,737
<br />-
<br />Capital projects
<br />3,561,280
<br />-
<br />3,561,280
<br />-
<br />Economic development
<br />1,463,357
<br />-
<br />1,463,357
<br />-
<br />Debt service
<br />5,126,340
<br />1,779,016
<br />6,905,356
<br />-
<br />Housing and redevelopment
<br />-
<br />-
<br />-
<br />1,776,473
<br />Unrestricted
<br />26,690,158
<br />33,405,459
<br />60,095,617
<br />-
<br />Total net position
<br />114,163,857
<br />123,127,998
<br />237,291,855
<br />2,102,321
<br />Total liabilities, deferred
<br />inflows of resources, and
<br />net position
<br />$ 202,638,105
<br />$ 186,663,941
<br />$ 389,302,046
<br />$ 2,165,660
<br />See notes to basic financial statements. 35
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