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City of Elk River
<br />Statement of Net Position
<br />December 31, 2022
<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 />$ 1,783,136
<br />$ 5,682,671
<br />$ 7,465,807
<br />$ 2,977
<br />Salaries and benefits payable
<br />646,807
<br />326,240
<br />973,047
<br />3,181
<br />Deposits payable
<br />-
<br />1,192,719
<br />1,192,719
<br />-
<br />Contracts payable
<br />109,001
<br />-
<br />109,001
<br />-
<br />Due to other governments
<br />12,787
<br />298,253
<br />311,040
<br />-
<br />Due to primary government
<br />-
<br />-
<br />-
<br />15,345
<br />Due to component unit
<br />170,632
<br />-
<br />170,632
<br />-
<br />Unearned revenue
<br />2,816,765
<br />146,716
<br />2,963,481
<br />Interest payable
<br />Payable within one year
<br />381,230
<br />430,314
<br />811,544
<br />Compensated absences payable
<br />Payable within one year
<br />775,591
<br />571,867
<br />1,347,458
<br />Payable after one year
<br />1,090,839
<br />63,287
<br />1,154,126
<br />-
<br />Total OPEB liability
<br />Payable after one year
<br />794,913
<br />107,421
<br />902,334
<br />-
<br />Lease liability
<br />-
<br />Payable within one year
<br />112,697
<br />9,216
<br />121,913
<br />-
<br />Payable after one year
<br />295,134
<br />32,679
<br />327,813
<br />-
<br />Net bonds payable
<br />Payable within one year
<br />2,965,000
<br />1,495,000
<br />4,460,000
<br />-
<br />Payable after one year
<br />57,882,375
<br />37,613,489
<br />95,495,864
<br />-
<br />Net pension liability
<br />Payable after one year
<br />21,074,213
<br />5,904,155
<br />26,978,368
<br />64,775
<br />Total liabilities
<br />90,911,120
<br />53,874,027
<br />144,785,147
<br />86,278
<br />Deferred Inflows of Resources
<br />Deferred inflows of resources
<br />related to OPEB
<br />107,304
<br />14,500
<br />121,804
<br />-
<br />Deferred inflows of resources
<br />related to pensions
<br />750,069
<br />83,351
<br />833,420
<br />909
<br />Deferred inflows of resources
<br />related to leases
<br />229,506
<br />5,112,108
<br />5,341,614
<br />-
<br />Total deferred inflows
<br />of resources
<br />1,086,879
<br />5,209,959
<br />6,296,838
<br />909
<br />Net Position
<br />Net investment in capital assets
<br />83,281,488
<br />93,539,999
<br />176,821,487
<br />373,028
<br />Restricted for
<br />Fiscal recovery
<br />37,669
<br />-
<br />37,669
<br />-
<br />Public safety
<br />36,311
<br />-
<br />36,311
<br />-
<br />Parks and recreation improvements
<br />960,718
<br />-
<br />960,718
<br />-
<br />Economic development
<br />1,538,419
<br />-
<br />1,538,419
<br />-
<br />Debt service
<br />7,103,600
<br />1,779,016
<br />8,882,616
<br />-
<br />Housing and redevelopment
<br />-
<br />-
<br />-
<br />1,745,324
<br />Unrestricted
<br />24,423,193
<br />32,615,346
<br />57,038,539
<br />-
<br />Total net position
<br />117,381,398
<br />127,934,361
<br />245,315,759
<br />2,118,352
<br />Total liabilities, deferred
<br />inflows of resources, and
<br />net position
<br />$ 209,379,397
<br />$ 187,018,347
<br />$ 396,397,744
<br />$ 2,205,539
<br />See Accompanying Notes to Basic Financial Statements. 35
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