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2015-04-22 CC Packet
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2015-04-22 CC Packet
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CITY OF CENTERVILLE,MINNESOTA <br /> RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES AND <br /> CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES <br /> GOVERNMENTAL FUNDS <br /> FOR THE YEAR ENDED DECEMBER 31,2014 <br /> Net change in fund balances-governmental funds $ (184,098) <br /> Amounts reported for governmental activities in the statement <br /> of activities are different because <br /> Capital outlays are reported in governmental funds as expenditures. However,in the statement of <br /> activities,the cost of those assets is allocated over the estimated useful lives as depreciation expense. <br /> Capital outlay 498,082 <br /> Depreciation expense (943,960) <br /> Governmental fund report a gain(loss)on sale of capital assets to the extent of cash exchanged,whereas the <br /> disposition of the assets book value is included in the total gain(loss)in the statement of activities <br /> Disposals (204,529) <br /> Depreciation of disposals 46,529 <br /> The issuance of long-term debt provides current financial resources to governmental funds,while <br /> the repayment of principal of long-term debt consumes the current financial resources of governmental <br /> funds. Neither transaction,however,has any effect on net position. Also,governmental funds report <br /> the effect of issuance costs,premiums,discounts and similar items when debt is first issued, <br /> whereas these amounts are delayed and amortized in the statement of activities. <br /> Principal repayments 855,000 <br /> Interest on long-term debt in the statement of activities differs from the amount reported in the <br /> governmental fund because interest is recognized as an expenditure in the funds when it is due, <br /> and thus requires the use of current financial resources. In the statement of activities,however <br /> interest expense is recognized as the interest accrues,regardless of when it is due. 11,853 <br /> Certain revenues are recognized as soon as they are earned. Under the modified accrual basis of <br /> accounting,certain revenues cannot be recognized until they are available to liquidate liabilities <br /> of the current period. <br /> Property taxes 1,521 <br /> Special assessments (152,392) <br /> Some expenses reported in the statement of activities do not require the use of current <br /> financial resources and,therefore,are not reported as expenditures in governmental funds. <br /> Compensated absences payable 2,954 <br /> Change in net position-governmental activities $ (69,040) <br /> The notes to the financial statements are an integral part of this statement. <br /> -38- <br />
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