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CITY OF CENTERVILLE, MINNESOTA <br />RECONCILIATION OF THE BALANCE SHEET <br />TO THE STATEMENT OF NET ASSETS <br />GOVERNMENTAL FUNDS <br />DECEMBER 31, 2010 <br />Total fund balances - governmental$ 2,837,564 <br />Amounts reported for the governmental activities in the statement <br />of net assets are different because: <br />Capital assets used in governmental activities are not financial <br />resources and therefore are not reported as assets in governmental funds. <br />Cost of capital assets 20,120,390 <br />Less: accumulated depreciation (4,002,120) <br />Long-term liabilities, including bonds payable, are not due and payable in the <br />current period and therefore are not reported as liabilities in the funds. <br />Long-term liabilities at year end consist of: <br />Bond principal payable (10,809,439) <br />Less deferred charges net of accumulated amortization 154,694 <br />Compensated absences payable (43,147) <br />Other postemployment benefits payable - <br />Some receivables are not available soon enough to pay for the current period's expenditures, <br />and therefore are deferred in the funds <br />Special assessments 2,143,811 <br />Delinquent taxes 93,168 <br />Governmental funds do not report a liability for accrued interest until due and payable (134,750) <br />Total net assets - governmental activities$ 10,360,171 <br />The notes to the financial statements are an integral part of this statement. <br />-35- <br /> <br />