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City of Elk River <br />Housing and Redevelopment Authority Component Unit <br />Balance Sheet - Governmental Fund <br />December 31, 2022 <br />Housing and <br />Redevelopment <br />Authority <br />Assets <br />Cash and investments <br />$ 794,508 <br />Taxes receivable <br />10,961 <br />Accounts receivable <br />875 <br />Notes receivable <br />452,468 <br />Due from primary government <br />170,632 <br />Land held for resale <br />382,000 <br />Total assets <br />$ 1,811,444 <br />Liabilities <br />Accounts payable $ 2,977 <br />Salaries and benefits payable 3,181 <br />Due to primary government 15,345 <br />Total liabilities 21,503 <br />Deferred Inflows of Resources <br />Unavailable revenue - property taxes 7,339 <br />Fund Balances <br />Nonspendable 452,468 <br />Restricted for housing and redevelopment 1,330,134 <br />Total fund balances 1,782,602 <br />Total liabilities, deferred inflows <br />of resources, and fund balances $ 1,811,444 <br />Total fund balances reported above $ 1,782,602 <br />Amounts reported for the Housing and Redevelopment Authority in the <br />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 315,900 <br />Other improvements 174,290 <br />Less: accumulated depreciation (117,162) <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 7,339 <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 (64,775) <br />Deferred inflows of resources related to pensions (909) <br />Deferred outflows of resources related to pensions 21,067 <br />Total net position - Housing and Redevelopment Authority $ 2,118,352 <br />141 <br />