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Total net change in fund balances – governmental funds 110,636$ <br />Capital outlays are reported in governmental funds as expenditures.However,in the Statement <br />of Activities,the cost of those assets is allocated over the estimated useful lives as depreciation <br />expense. <br />Capital outlays 10,151 <br />Depreciation expense (99,538) <br />Certain revenues (including taxes and special assessments)are included in the change in net <br />position,but are excluded from the change in fund balances until they are available to liquidate <br />liabilities of the current period.(69,677) <br />Repayment of bond principal is an expenditure in the governmental funds,but reduces long-term <br />liabilities in the Statement of Net Position. 105,000 <br />Some expenses reported in the Statement of Activities do not require the use of current financial <br />resources and, therefore, are not reported as expenditures in governmental funds. <br />Amortization of bond premiums 1,282 <br />Accrued interest 1,055 <br />Change in net position – governmental activities 58,909$ <br />Amounts reported for governmental activities in the Statement of Activities are different because: <br />CITY OF GEM LAKE <br />Reconciliation of the Statement of <br />Revenue, Expenditures, and Changes in Fund Balances <br />to the Statement of Activities <br />Governmental Activities <br />Year Ended December 31, 2022 <br />See notes to basic financial statements -13-