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CITY OF GEM LAKE, MINNESOTA <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE <br />STATEMENT OF NET ASSETS <br />GOVERNMENTAL FUNDS <br />DECEMBER 31, 2008 <br />(WITH COMPARATIVE DATA AS OF DECEMBER 31, 2007) <br />2008 2007 <br />TOTAL FUND BALANCES FOR. GOVERNMENTAL FUNDS $ 655,395 $ 590,550 <br />Total net assets reported for governmental activities in the statement of net. <br />assets is 'different because: <br />Capital assets used in governmentalactivities are not financial resources <br />and, therefore, are no reported in the funds. These capital assets consist <br />of: <br />Buildings • $ 898,708 <br />Office Equipment 13,190 <br />.Infrastructure 69978Z: <br />Accumulated Depreciation (201,607). 1.,410,073 1,365,188 <br />Someof the City's property taxes.and special assessments will'be <br />collected after year-end; but:are not.available: soon enough to pay for the <br />current period's expenditures and, therefore; are reported. as deferred <br />revenue iri.the governmental funds, 543,411 565,476: <br />Bond issue.costs are reported as expenditures in the. governmental funds <br />and are shown net of accumulated amortisation on the statement of net <br />assets.. .34,877 37,704 <br />Some liabilities: are not due and payable in the.current period and, <br />therefore, are not reported as fund liabilities: Balances at year-end are: <br />General Obligation Bonds Payable (1,533,986) <br />Unamortized Bond ❑iscounts 19.,013 <br />Accrued Interest on Long-Term.Debt •(26,213) (1,541,186). (1,616,225) <br />TOTAL NET ASSETS OF GOVERNMENTAL ACTIVITIES <br />See accompanying Notes. to Basic Financial Statements. <br />$ 1,103,570 $ 942,693 <br />(7) <br />