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CITY OF CENTERVILLE, MINNESOTA <br />RECONCILIATION OF THE BALANCE SHEET <br />TO THE STATEMENT OF NET POSITION <br />GOVERNMENTAL FUNDS <br />DECEMBER 31, 2015 <br />Amounts reported for the governmental activities in the statement of net position are different because <br />Total fund balances - governmental $ 1,360,739 <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 23,003,203 <br />Less accumulated depreciation (8,158,248) <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 (7,615,000) <br />Compensated absences payable (37,703) <br />Pension liability (306,522) <br />Some receivables are not available soon enough to pay for the current period's expenditures, <br />and therefore are unavailable in the funds. <br />Delinquent taxes receivable 42,835 <br />Special assessments receivable 1,151,559 <br />Governmental funds do not report long-term amounts related to pensions. <br />Deferred outflows of pension resources 36,129 <br />Deferred inflows of pension resources (71,656) <br />Governmental funds do not report a liability for accrued interest until due and payable. (100,799) <br />Total net position - governmental activities $ 9,304,537 <br />The notes to the financial statements are an integral part of this statement. <br />-35- <br />