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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, 2018 <br /> <br />See accompanying Notes to Basic Financial Statements. <br />(7) <br /> <br />TOTAL FUND BALANCES FOR GOVERNMENTAL FUNDS 562,535$ <br />Construction in Progress 561,531$ <br />Buildings 902,232 <br />Office Equipment 12,895 <br />Infrastructure 1,094,536 <br />Accumulated Depreciation (809,697) 1,761,497 <br />991,780 <br />General Obligation Bonds Payable (1,315,000) <br />Unamortized Bond Premium (18,645) <br />Accrued Interest on Long-Term Debt (17,559) (1,351,204) <br />TOTAL NET POSITION OF GOVERNMENTAL ACTIVITIES 1,964,608$ <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 <br />resources and, therefore, are not reported in the funds. These capital <br />assets 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 <br />the current period's expenditures and, therefore, are reported as <br />unavailable resources in the governmental funds.