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<br />See notes to basic financial statements. 41 <br />Total fund balances - governmental funds 42,785,245$ <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 238,829,295 <br />Less accumulated depreciation/amortization (94,597,178) <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 (53,310,000) <br />Revenue bonds payable <br />Unamortized bond premiums/discounts (4,320,442) <br />Lease liability (295,134) <br />Compensated absences payable (1,992,878) <br />Total OPEB liability (734,543) <br />Net pension liability (10,324,546) <br />Net pension asset 107,660 <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 119,076 <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 (10,043,971) <br />Deferred outflows of resources related to pensions 10,565,477 <br />Deferred outflows of resources related to OPEB 80,414 <br />Deferred inflows of resources related to OPEB (152,862) <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 1,140,214 <br />State shared taxes 2,565,750 <br />Governmental funds do not report a liability for accrued interest on long-term debt until due and <br />payable. (343,457) <br />120,078,120$ <br />City of Elk River <br />the Statement of Net Position - Governmental Funds <br />Reconciliation of the Balance Sheet to <br />Amounts reported for governmental activities in the Statement of Net Position are different because: <br />Total net position - governmental activities <br />December 31, 2023 <br />Page 162 of 464