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Total fund balances – governmental funds 954,632$ <br />Capital assets used in governmental activities are not financial resources and,therefore,are not <br />reported as assets in governmental funds. <br />Cost of capital assets 2,730,046 <br />Less accumulated depreciation (1,164,900) <br />Certain revenues (including taxes and special assessments)are included in net position,but are <br />excluded from fund balances until they are available to liquidate liabilities of the current period.685,151 <br />Long-term liabilities,including bonds payable,are not due and payable in the current period and, <br />therefore, are not reported in the governmental funds. <br />Bonds payable (960,000) <br />Unamortized bond premiums (13,517) <br />Interest on long-term debt is included in the change in net position as it accrues,regardless of <br />when payment is due. However, it is included in the change in fund balances when due.(12,664) <br />Total net position – governmental activities 2,218,748$ <br />Amounts reported for governmental activities in the Statement of Net Position are different because: <br />December 31, 2022 <br />CITY OF GEM LAKE <br />Reconciliation of the Balance Sheet to the <br />Statement of Net Position <br />Governmental Activities <br />See notes to basic financial statements -10-