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CITY OF GEM LAKE, MINNESOTA <br />RECONCILIATION -OF THE GOVERNMENTAL FUNDS BALANCE SHEET <br />TO THE STATEMENT ❑F NET POSITION <br />GOVERNMENTAL ACTIVITIES <br />DECEMBER 3..1, 2012 <br />TOTAL FUNS] BALANCES FOR GOVERNMENTAL FUNDS $ 855,059 <br />R, 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, are no reported in the funds. These. capital <br />assets consist of: <br />Buildings $ 902,232 <br />Office Equipment 1.3,190 <br />Infrastructure 712,788 <br />-- Accumulated Depreciation (430,804) 1,197,405 <br />Some of the City's property taxes and.special assessments Will be. <br />collectedafter 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. 229,043 <br />Bond issue costs are reported as expenditures in. the:gavernmental <br />funds and areshown net of accumulated amortization on -the statement <br />of net position. 23;567 <br />Some liabilities are not due and payabia in the. current.:period.and, <br />therefore, are not reported as fund :1iabiiities,. Balances at. year-end are: <br />General Obligation Bonds Payable (1,154,923) <br />Unamortized Bond Discounts 1.1,919 <br />Accrued Interest ori:Long-Term Debt (20,070) (1,153,374) <br />TOTAL NET. POSITION OF GOVERNMENTAL ACTIVITIES $ 1,.142,001 <br />See -accompanying Notes to Basic Financial Statements. <br />[8} <br />