SHERBURNE COUNTY
ELK RIVER, MINNESOTA
STATEMENT OF NET POSITION
DECEMBER 31, 2020
Primary Government
Governmental Business-type
Activities Activities Total
ASSETS
Cash and pooled investments $128,191,230 $ 9,459,292 $137,650,522
Interest receivable 95,105 - 95,105
Taxes receivable, net 701,193 - 701,193
Property tax collected for
subsequent periods 78,191 - 78,191
Special assessments receivable, net
Due within one year 91,701 - 91,701
Due in more than one year 325,718 - 325,718
Accounts receivable, net 1,201,565 - 1,201,565
Loans receivable, net
Due within one year 269,501 - 269,501
Due in more than one year 673,034 - 673,034
Due from other governments 13,705,882 1,176,086 14,881,968
Inventories 719,097 - 719,097
Prepaid items 841,766 17,972 859,738
Capital assets not being depreciated:
Land 16,202,040 - 16,202,040
Construction in progress 6,854,953 - 6,854,953
Capital assets, net of accumulated depreciation:
Buildings, net 71,976,627 18,178,948 90,155,575
Improvements, net 1,387,505 - 1,387,505
Equipment, net 6,785,909 - 6,785,909
Infrastructure, net 172,884,155 - 172,884,155
Total assets $422,985,172 $28,832,298 $451,817,470
DEFERRED OUTFLOWS OF RESOURCES
Deferred pension outflows $ 6,615,110 $ 1,842,578 $ 8,457,688
Deferred OPEB outflows 914,370 224,795 1,139,165
Total deferred outflows $ 7,529,480 $ 2,067,373 $ 9,596,853
LIABILITIES
Accounts payable $ 1,481,296 $ 87,686 $ 1,568,982
Salaries and benefits payable 1,853,475 397,477 2,250,952
Contracts payable 803,572 - 803,572
Due to other governments 272,256 1,600 273,856
Deposits payable 1,392,497 - 1,392,497
Unearned revenue 366,027 - 366,027
Interest payable 529,432 - 529,432
Long-term liabilities:
Due within one year
General obligation bonds payable 1,380,000 - 1,380,000
Loans payable 44,081 - 44,081
Compensated absences 454,299 87,197 541,496
Long-term liabilities:
Due in more than one year
General obligation bonds payable 40,437,257 - 40,437,257
Total OPEB liability 6,795,389 1,705,043 8,500,432
Net pension liability 31,523,773 3,471,778 34,995,551
Loans payable 351,663 - 351,663
Compensated absences 6,035,688 1,158,466 7,194,154
Total liabilities $ 93,720,705 $ 6,909,247 $100,629,952
DEFERRED INFLOWS OF RESOURCES
Deferred pension inflows $ 6,556,859 $ 3,654,834 $ 10,211,693
Deferred OPEB inflows 423,131 94,823 517,954
Prepaid taxes 78,191 - $ 10,807,838
NET POSITION
Net investment in capital assets $233,490,825 $18,178,948 $251,669,773
Restricted:
County attorney programs 93,357 - 93,357
COVID-19 economic relief program 1,924,610 - 1,924,610
Debt service 3,202,737 - 3,202,737
Ditches 290,144 - 290,144
Education 46,844 - 46,844
Gravel tax 1,174,415 - 1,174,415
Highway allotments 6,698,934 - 6,698,934
Law library 292,490 - 292,490
Parks dedication 566,265 - 566,265
Recorder programs 1,223,910 - 1,223,910
Regional rail 4,247,004 - 4,247,004
Sheriff programs 1,494,559 - ,494,559
Solid waste 47,630,227 - 47,630,227
Unrestricted 27,359,445 2,061,819 29,421,264
Total net position $329,735,766 $20,240,767 $349,976,533
See accompanying Notes to Basic Financial Statements.
(Published in the Patriot: 10/09/21)
