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City of Elk River <br />Reconciliation of the Balance Sheet to <br />the Statement of Net Position - Governmental Funds <br />December 31, 2021 <br />Total fund balances - governmental funds $ 45,167,172 <br />Amounts reported for governmental activities in the Statement of Net Position are different because: <br />Capital assets used in governmental activities are not current financial resources and, therefore, <br />are not reported as assets in governmental funds. <br />Cost of capital assets 225,114,324 <br />Less accumulated depreciation (84,472,720) <br />Long-term liabilities, including bonds payable, are not due and payable in the current period and, <br />therefore, are not reported as liabilities in the funds. <br />Long-term liabilities at year-end consist of: <br />Bond principal payable (58,540,000) <br />Unamortized bond premiums/discounts (4,824,308) <br />Compensated absences payable (1,845,116) <br />Total OPEB liability (766,820) <br />Net pension liability (5,902,850) <br />Net pension asset 994,423 <br />Delinquent receivables will be collected in subsequent years, but are not available soon enough <br />to pay for the current period's expenditures and, therefore, are deferred in the funds. <br />Property taxes 87,730 <br />Deferred outflows of resources and deferred inflows of resources are created as a result of <br />various differences related to pensions and OPEB that are not recognized in the governmental <br />funds_ <br />Deferred inflows of resources related to pensions <br />(9,769,924) <br />Deferred outflows of resources related to pensions <br />7,586,984 <br />Deferred outflows of resources related to OPEB <br />85,487 <br />Deferred inflows of resources related to OPEB <br />(134,572) <br />Revenues in the Statement of Activities that do not provide current financial resources are not <br />reported as revenues in the funds. <br />Deferred special assessments 1,508,572 <br />State shared taxes 307,515 <br />Governmental funds do not report a liability for accrued interest on long-term debt until due and <br />payable. (432,040) <br />Total net position - governmental activities $ 114,163,857 <br />See notes to basic financial statements. 41 <br />