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<br />CITY OF CENTERVILLE, MINNESOTA <br />RECONCILIATION OF THE BALANCE SHEET <br />TO THE STATEMENT OF NET ASSETS <br />GOVERNMENTAL FUNDS <br />AS OF DECEMBER 31, 2003 <br /> <br />Total fund balances - governmental <br /> <br />$ 4,962,387 <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 />6,802,610 <br />(1,340,410) <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 vacation payable <br /> <br />(3,295,00~) <br />11,608 <br />(9,477) <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 />Taxes <br /> <br />439,500 <br />57,761 <br /> <br />Governmental funds do not report a liability for accrued interest until <br />due and payable <br /> <br />(49,443) <br /> <br />Total net asset - governmental activities <br /> <br />$ 7,579,536 <br /> <br />See Notes to Financial Statements. <br /> <br />-7- <br />