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See notes to basic financial statements. 43 <br />263,062$ <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 9,291,684 <br />Depreciation/amortization expense (7,466,896) <br />Completed CIP transferred to enterprise funds (2,129,365) <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 (126,448) <br />Total other post employment benefits (OPEB) liability 13,399 <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 2,965,000 <br />Lease principal payments 112,697 <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. 37,773 <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 (1,102,930) <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 966,427 <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 (201,981) <br />Special assessments (177,633) <br />2,696,722$ <br />Expenditures, and Changes in Fund Balances to the <br />City of Elk River <br />Reconciliation of the Statement of Revenues, <br />Statement of Activities - Governmental Funds <br />Change in net position - governmental activities <br />Total change in fund balances - governmental funds <br />Amounts reported for governmental activities in the Statement of Activities are different because: <br />Year Ended December 31, 2023 <br />Page 164 of 464