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C.lTY.QF GEM LAKE <br />Reconciliation of the. Balance Sheet to the <br />Statement ofNet Position <br />Governmental Activities <br />December 31,.2024 <br />Total fund balances - governmental funds <br />Antouhl.8 reported for governmental activities in the Statement of'Net Position are different because: <br />Capital assets used in governmental activities are not financial resources .and,. therefore, -are not. <br />.reported as assets in go vertunzntal funds. <br />Cast. of capital assets <br />Less accumulated depreciation <br />Certain revenues (including taxes and special. assessmepts) are. included in.net position, but :are <br />excluded from fund balances until they are available to*Hquidate. liabilities of the current period. <br />Long-term liabilities, including bonds pa) - <br />able, are not.due and payable in .the current period and, <br />therefore, -are not reported in the governmental funds. <br />Bonds. payable <br />Unamortiied bond premiums <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. <br />Total net position— goverunental activities <br />1.2..96...834 <br />2,928,612 <br />'(I 385.879) <br />537,721 <br />(750;000) <br />(10;953) <br />(1.0,391) <br />S -1.665,944 <br />See notes to basic financial. statements. -10- <br />