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2005-06-22 Handouts
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2005-06-22 Handouts
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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 31,2004 <br /> <br />Total fund balances - governmental <br /> <br />$ 5,665,552 <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 fInancial <br />resources and therefore are not reported as assets in governmental funds. <br />Cost of capital assets <br />Less: accumulated depreciation <br /> <br />9,866,546 <br />(1,538,623) <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 accmnulated amortization <br />Accrued vacation payable <br /> <br />(5,710,000) <br />118,113 <br />(19,418) <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 />1,383,543 <br />57,761 <br /> <br />Governmental funds do not report a liability for accrued interest until due and payable <br /> <br />(88,892) <br /> <br />Total net assets - governmental activities <br /> <br />$ 9,734,582 <br /> <br />The notes to the fmancial statements are an integral part of this statement. <br /> <br />-9- <br />
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