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<br />150 <br />Housing and <br />Redevelopment <br />Authority <br />Revenues <br />Property taxes 438,820$ <br />Intergovernmental 215 <br />Charges for services 5,945 <br />Other revenue <br />Investment income 13,584 <br />Total revenues 458,564 <br />Expenditures <br />Current <br />General governmentEconomic development 206,360 <br />Net change in fund balances 252,204 <br />Fund Balances <br />Beginning of year 1,924,693 <br />End of year 2,176,897$ <br />Amounts reported for the Housing and Redevelopment Authority in the <br />Statement of Activities are different because: <br />Net changes in fund balances - Housing and Redevelopment Authority 252,204$ <br />Capital outlays are reported in governmental funds as expenditures. However, in the <br /> Statement of Activities the cost of those assets is allocated over their estimated useful <br /> lives as depreciation expense. <br />Depreciation expense (11,619) <br />Certain revenues are recognized as soon as they are earned. Under the modified accrual <br /> basis of accounting, certain revenues cannot be recognized until they are available to <br /> liquidate liabilities of the current period. <br /> Property taxes 539 <br />Pension expenditures in the governmental funds are measured by current year employee <br /> contributions. Pension expenses on the Statement of Activities are measured by the <br /> change in net position liability and the related deferred inflows and deferred outflows <br /> of resources.1,069 <br />Change in net position - Housing and Redevelopment Authority 242,193$ <br />Housing and Redevelopment Authority Component Unit <br />Statement of Revenues, Expenditures, and Change in Fund Balances <br />Year Ended December 31, 2024 <br />City of Elk River <br /> <br /> <br />Page 340 of 637