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I I. I , I Uj J 1 I ] I. I J :1 <1 u : I u. i I LJ 1I CITY OF ARDEN HILLS, MINNESOTA RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET ASSETS GOVERNMENTAL FUNDS DECEMBER 31, 2004 Total fimd balances - governmental fimds $ 11,142,882 Aroounts reported for governmental activities in the statement of net assets are different because: Capital assets used in governmental activities are not [mandaI resources and therefore are not reported as assets in governmental funds. Cost of capital assets Less: accumulated depreciation 12,280,884 (1,124,510) Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported as liabilities in the fimds, Long-term liabilities at year-end consist of: Compensated absences Bond principal payable Less bond discount Det of accwnulated amortization (93,157) (4,940,000) 28,832 Delinquent property taxes receivable will be collected this year, hut are not available soon enough to pay for the current period's expenditures, and therefore are deferred in the fimds. 73,164 Delinquent special assessments receivable will be collected this year, hut are not avai~able soon enough to pay for the current periodts expenditures., and therefore are deferred in the fimds. 514,612 Governmental fimds do not report a liability for accrued interest until due and payable (60,298) Total Det assets - governmental activities $ 17,822,409 '!be notes to the fmancial statements are an integral part of this statement. -8-