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<br />CITY OF CENTERVILLE, MINNESOTA <br />RECONCILIA nON OF THE BALANCE SHEET <br />TO THE STATEMENT OF NET ASSETS <br />GOVERNMENTAL FUNDS <br />AS OF DECEMBER 31,2007 <br /> <br />Total fund balances - governmental <br /> <br />$ 4,895,765 <br /> <br />Amounts reported for the governmental activities in the statement <br />of net assets are different because: <br /> <br />Capital assets used in governmental activities are not fmancial <br />resources and therefore are not reported as assets in governmental funds. <br />Cost of capital assets <br />Less: accumulated depreciation <br /> <br />14,875,686 <br />(2,710,805) <br /> <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 <br />Less bond discount net of accumulated amortization <br />Accrued compensated absences payable <br /> <br />(9,145,647) <br />129,147 <br />(29,920) <br /> <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 <br />Delinquent taxes <br /> <br />1,368,723 <br />70,612 <br /> <br />Governmental funds do not report a liability for accrued interest until due and payable <br /> <br />(I 08,776) <br /> <br />Total net assets - governmental activities <br /> <br />$ 9,344,785 <br /> <br />The notes to the fmancial statements are an integral part of this statement. <br />-9- <br />