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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, 2016 <br />Amounts reported for the governmental activities in the statement of net position are different because <br />Total fund balances - governmental S 3,430,908 <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 23,210,480 <br />Less accumulated depreciation (9,170,346) <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 (8,764,619) <br />Compensated absences payable (42,012) <br />Pension liability (491,489) <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 37,752 <br />Special assessments receivable 995,158 <br />Governmental funds do not report long-term amounts related to pensions. <br />Deferred outflows of pension resources 179,845 <br />Deferred inflows of pension resources (59,752) <br />Governmental funds do not report a liability for accrued interest until due and payable. (109,423) <br />Total net position - governmental activities S 9,216,502 <br />The notes to the financial statements are an integral part of this statement. <br />-35- <br />