Laserfiche WebLink
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, 2022 <br />Housing and <br />Redevelopment <br />Authority <br />Revenues <br />Property taxes <br />$ 328,889 <br />Intergovernmental <br />192 <br />Other revenue <br />Investment income <br />4,178 <br />Total revenues <br />333,259 <br />Expenditures <br />Current <br />Economic development 171,706 <br />Capital Outlay <br />Economic development 185,426 <br />Total expenditures 357,132 <br />Net change in fund balances (23,873) <br />Fund Balances <br />Beginning of year 1,806,475 <br />End of year $ 1,782,602 <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 $ (23,873) <br />Capital outlays are reported in governmental funds as expenditures. However, in the <br />Statement of Activities the cost of those assets is allocated over their estimated useful <br />lives as depreciation expense. <br />Capital outlay 58,800 <br />Depreciation expense (11,620) <br />Certain revenues are recognized as soon as they are earned. Under the modified accrual <br />basis of accounting, certain revenues cannot be recognized until they are available to <br />liquidate liabilities of the current period. <br />Property taxes 5,232 <br />Pension expenditures in the governmental funds are measured by current year employee <br />contributions. Pension expenses on the Statement of Activities are measured by the <br />change in net position liability and the related deferred inflows and deferred outflows <br />of resources. (12,508) <br />Change in net position - Housing and Redevelopment Authority $ 16,031 <br />142 <br />