SHERBURNE COUNTY
ELK RIVER, MINNESOTA
STATEMENT OF NET POSITION
DECEMBER 31, 2022
Primary Government
Governmental Business-type
Activities Activities Total
ASSETS
Cash and pooled investments $138,936,283 $ 4,591,697 $143,527,980
Interest receivable 324,487 - 324,487
Taxes receivable, net 629,794 - 629,794
Special assessments receivable, net
Due within one year 80,629 - 80,629
Due in more than one year 185,225 - 185,225
Accounts receivable, net 1,753,249 3,616 1,756,865
Loans receivable, net
Due within one year 104,501 - 104,501
Due in more than one year 828,834 - 828,834
Due from other governments 13,500,878 1,517,949 15,018,827
Inventories 821,799 - 821,799
Prepaid items 1,181,100 7,606 1,188,706
Capital assets not being depreciated:
Land and right-of-way 21,182,745 - 21,182,745
Construction in progress 29,655,647 - 29,655,647
Capital assets, net of accumulated depreciation:
Buildings, net 68,092,958 17,069,766 85,162,724
Improvements, net 1,167,044 - 1,167,044
Equipment, net 5,902,962 - 5,902,962
Infrastructure, net 172,388,152 - 172,388,152
Total assets $456,736,287 $23,190,634 $479,926,921
DEFERRED OUTFLOWS OF RESOURCES
Deferred pension outflows $ 29,077,715 $12,580,731 $ 41,658,446
Deferred OPEB outflows 1,079,512 267,324 1,346,836
Total deferred outflows $ 30,157,227 $12,848,055 $ 43,005,282
LIABILITIES
Accounts payable $ 1,929,274 $ 82,382 $ 2,011,656
Salaries and benefits payable 2,373,937 490,295 2,864,232
Contracts payable 726,389 - 726,389
Due to other governments 222,544 134 222,678
Deposits payable 1,521,069 - 1,521,069
Unearned revenue 12,455,106 - 12,455,106
Interest payable 502,620 - 502,620
Long-term liabilities:
Due within one year
General obligation bonds payable 1,445,000 - 1,445,000
Compensated absences 480,301 79,301 559,602
Long-term liabilities:
Due in more than one year
General obligation bonds payable 37,491,547 - 37,491,547
Total OPEB liability 7,372,519 1,833,046 9,205,565
Net pension liability 60,217,409 18,186,051 78,403,460
Loans payable 256,244 - 256,244
Compensated absences 6,381,138 1,053,576 7,434,714
Total liabilities $133,375,097 $21,724,785 $155,099,882
DEFERRED INFLOWS OF RESOURCES
Deferred pension inflows $ 1,240,278 $ 571,292 $ 1,811,570
Deferred OPEB inflows 1,236,607 302,062 1,538,669
Property taxes collected for subsequent period 56,136 - 56,136
Total deferred inflows $ 2,533,021 $ 873,354 $ 3,406,375
NET POSITION
Net investment in capital assets $258,726,573 $17,069,766 $275,796,339
Restricted:
County attorney programs 5,284 - 5,284
Debt service 3,532,146 - 3,532,146
Ditches 285,685 - 285,685
Education 51,694 - 51,694
Transportation-gravel tax 1,361,033 - 1,361,033
Highway allotments 7,325,089 - 7,325,089
Law library 321,165 - 321,165
Parks dedication 561,415 - 561,415
Opioid remediation activities 546,885 - 546,885
Recorder programs 1,484,231 - 1,484,231
Regional rail 46,959 - 46,959
Sheriff programs 2,082,718 - 2,082,718
Solid waste 56,316,847 - 56,316,847
Unrestricted 18,337,672 (3,629,216) 14,708,456
Total net position $350,985,396 $ 13,440,550 $364,425,946
See accompanying Notes to Basic Financial Statements.
