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City of Elk River <br />Reconciliation of the Statement of Revenues, <br />Expenditures, and Changes in Fund Balances to the <br />Statement of Activities - Governmental Funds <br />Year Ended December 31, 2022 <br />Total change in fund balances - governmental funds $ (2,644,989) <br />Amounts reported for governmental activities in the Statement of Activities are different because: <br />Capital outlays are reported in governmental funds as expenditures. However, in the Statement <br />of Activities, the cost of those assets is allocated over the estimated useful lives as depreciation <br />expense. <br />Capital outlays 7,997,434 <br />Developer capital contributions 3,514,420 <br />Depreciation/amortization expense (7,200,674) <br />Loss on disposal of capital assets (75,089) <br />Completed CIP Transferred to Enterprise Funds (859,604) <br />Some expenses are recognized as paid in the governmental funds but recognized as the expense is <br />incurred in the Statement of Activities. <br />Compensated absences payable (21,314) <br />Total other post employment benefits (OPEB) liability (4,485) <br />Principal payments on long-term debt are recognized as expenditures in the governmental funds <br />but as an increase in the net position in the Statement of Activities. <br />Bond principal payments 2,265,000 <br />Lease principal payments 110,772 <br />Governmental funds report the effects of bond premiums and discounts when debt is first issued, <br />whereas these amounts are deferred and amortized in the Statement of Activities. 251,933 <br />Interest on long-term debt in the Statement of Activities differs from the amount reported in the <br />governmental funds because interest is recognized as an expenditure in the funds when it is due <br />and thus requires use of current financial resources. In the Statement of Activities, however, <br />interest expense is recognized as the interest accrues, regardless of when it is due. 50,810 <br />Governmental funds recognize pension contributions as expenditures at the time of payment <br />whereas the Statement of Activities factors in items related to pensions on a full accrual <br />perspective. <br />Pension expense (1,501,083) <br />Revenues in the Statement of Activities that do not provide current financial resources are not <br />reported as revenues in the funds. <br />State shared taxes 1,291,808 <br />Certain revenues are recognized as soon as they are earned. Under the modified accrual basis of <br />accounting certain revenues cannot be recognized until they are available to liquidate liabilities <br />of the current period. <br />Property taxes 233,327 <br />Special assessments (190,725) <br />Change in net position - governmental activities $ 3,217,541 <br />See Accompanying Notes to Basic Financial Statements. 41 <br />