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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, 2022 <br />Total fund balances - governmental funds $ 42,522,183 <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 233,757,836 <br />Less accumulated depreciation/amortization (89,221,142) <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 <br />(56,275,000) <br />Revenue bonds payable <br />Unamortized bond premiums/discounts <br />(4,572,375) <br />Lease liability <br />(407,831) <br />Compensated absences payable <br />(1,866,430) <br />Total OPEB liability <br />(794,913) <br />Net pension liability <br />(21,074,213) <br />Net pension asset <br />565,535 <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 321,057 <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 />(750,069) <br />Deferred outflows of resources related to pensions <br />12,666,297 <br />Deferred outflows of resources related to OPEB <br />81,827 <br />Deferred inflows of resources related to OPEB <br />(107,304) <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 1,317,847 <br />State shared taxes 1,599,323 <br />Governmental funds do not report a liability for accrued interest on long-term debt until due and <br />payable. (381,230) <br />Total net position - governmental activities $ 117,381,398 <br />See Accompanying Notes to Basic Financial Statements. 39 <br />