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CITY OF GEM LAKE, MINNESOTA <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET <br />TO THE STATEMENT OF NET POSITION <br />GOVERNMENTAL ACTIVITIES <br />DECEMBER 31, 2015 <br /> <br /> <br /> <br />See accompanying Notes to Basic Financial Statements. <br />(7) <br /> <br /> <br /> <br /> <br />TOTAL FUND BALANCES FOR GOVERNMENTAL FUNDS 1,172,353$ <br />Buildings 902,232$ <br />Office Equipment 12,895 <br />Infrastructure 712,788 <br />Accumulated Depreciation (616,522) 1,105,760 <br />550,862 <br />General Obligation Bonds Payable (1,520,000) <br />Unamortized Bond Discounts 5,744 <br />Accrued Interest on Long-Term Debt (13,356) (1,527,612) <br />TOTAL NET POSITION OF GOVERNMENTAL ACTIVITIES 1,301,363$ <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 />Total net position reported for governmental activities in the statement of <br />net position is different because: <br />Capital assets used in governmental activities are not financial resources <br />and, therefore, are not reported in the funds. These capital assets <br />consist of: <br />Some of 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 unavailable <br />resources in the governmental funds. <br />