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CITY OF GEM LAKE, MINNESOTA <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET <br />TO THE STATEMENT OF NET POSITION <br />GOVERNMENTAL ACTIVITIES <br />DECEMBER 31,.2019 <br />TOTAL FUND BALANCES FOR. GOVERNMENTAL FUNDS $ 732,771 <br />Total net.position reported for governmental activities in the statement of <br />net position is different because: <br />Capital assets . used: in governmental activities are .not financial <br />resources and, therefore, are not. reported in the funds. These.capital <br />assets consist of: <br />Land $ 2,500 <br />Buildings 902,232 <br />Office Equipment 17900 <br />Infrastructure 1,563:728 <br />Accumulated Depreciation (883,278) 1,603,082 <br />Some of the City's property taxes. and specialassessments will 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 />unavailable resources in the governmental funds.. 933;848 <br />Some liabilities are not due and payable in the current period and, <br />therefore, are not.reported.as fund liabilities. Balances at year-end are: <br />General Obliigation. Bonds Payable (1,250,000) <br />Unarnortized bond Premium (17,363) <br />Accrued Interest on Long -Term Debt .(15;969j ("i.,283,3.32) <br />TOTAL NET POSITION OF GOVERNMENTAL ACTIVITIES $ 1.,986;369 <br />See. accompanying Notes to BasicHnanciai Statements.. <br />(7) <br />