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CITY OFCENTERVILLE, MINNESOTA <br />RECONCILIATION OF THE BALANCE SHEET <br />TO THE STATEMENT OF NET ASSETS <br />GOVERNMENTAL FUNDS <br />DECEMBER 31, 2011 <br />Total fund bad antes - governmental $ 1,472,160 <br />Amounts reported for the governmental activities in the statement <br />of net assets are different because <br />Capi tal assets used i n governmental acti vi ti es are not f nanci al <br />resources and therefore are not reported as assets in governmental funds. <br />Cost of capital assets 21,558,281 <br />Less: accumulated depreciation (4,545,736) <br />Long -term liabilities, including bonds payable, are not due and payable in the <br />current period and therefore are not reported as l i a b i l i t i e s in the funds. <br />Long -term liabilitiesat year end consist of: <br />Bond principal payable (9,325,585) <br />Lessdeferred charges net of accumulated amortization 178,177 <br />Compensated absences payable (37,983) <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 1,860,416 <br />Delinquent takes 65,048 <br />Governmental funds do not report a I i abi d i ty for accrued interest until due and payable (130,394) <br />Total netassets - governmental activities $ 11,094,384 <br />The notes to the fi nanci al statements are an integral part of this statement. <br />-35- <br />