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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, 2008 <br />Total fund balances -governmental $ 2,057,528 <br />Amounts reported for the governmental activities in the statement <br />of net assets are different because: <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 16,297,436 <br />Less: accumulated depreciation (3,142,117) <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 (7,851,897) <br />Less bond discount net of accumulated amortization 119,361 <br />Accrued compensated absences payable (28,222; <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 1,640,687 <br />Delinquent taxes 75,536 <br />Governmental funds do not report a liability for accrued interest until due and payable (78,488) <br />Total net assets -governmental activities $ 9,089,824 <br />The notes to the financial statements are an integral part of this statement. <br />-9- <br />