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CITY OF GEM LAKE, MINNESOTA <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET <br />TO THE STATEMENT OF NET ASSETS <br />GOVERNMENTAL ACTIVITIES <br />©ECEMBER 31, 201.1 <br />TOTAL FUND BALANCES FOR. GOVERNMENTAL FUNDS <br />Total net assets reported for governmental activities in the statement of <br />net assets is different because: <br />Capital assets used in governmental activities are not financial <br />resources and, therefore,. a re no reported in the funds. These capital <br />assets consist of:. <br />801,794 <br />Buildings $ 902,232 <br />�fflce Equipment 13,190 <br />Infrastructure 712,788 <br />Accumulated Depreciation (368,364) 1,269,846 <br />Some of the City's property taxes. and speclaI assessments wi[I 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 />deferred revenue in the governmental funds. 355to48 <br />Bond issue. costs, are reported as expenditures in the governmental <br />funds and are shown net of accumulated amortization on the statement <br />of net assets.. 26;394 <br />Some liabilities arenot due and payable in the current: period and, <br />therefore,, are not reported as fund Iiabilities. Balances at yearend are. <br />General Obligation Bonds Payable (1;255,375) <br />Unamortized Bond Discounts 13,693 <br />Accrued Interest on Long -Terre Debt (21,700) (1,263,382) <br />TOTAL NET.ASSETS OF GOVERNMENTAL ACTIVITIES : 1,17.9,700. <br />See accompanying Notes to Basic Financial Statements. <br />(7) <br />