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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 />ā¯‘ECEMBER 31, 2010 <br />(WITH COMPARATIVE DATA AS OF DECEMBER 31., 2009) <br />2010 2009 <br />TOTAL FUND -BALANCES FOR GOVERNMENTAL FUNDS S. 75800 $ 650,320 <br />Total net assets reported for. governmental activities in the :statement <br />of 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 <br />capital assets consist of:: <br />Buildings S 898;708 <br />Office Equipment 13;190 <br />Infrastructure 712;788. <br />Accumulated Depreciation (305,925) 1,318,761 1,381,171 <br />Some of the City's property taxes and special assessments will be <br />collected after year-end, but are not available soon enough to pay <br />for the current period's expenditures and, therefore, are.reparted <br />as deferred revenue in the. governmental funds. 410283 490,846 <br />Bond issue costsare reported as exPen.ditures in the <br />governmental funds and are shown net of accumulated <br />amortization on the statement of net assets.. 29221 32,048 <br />Some liabilities are: not due and payable in the current period and, <br />therefore, are not reportedas fund liabilities. Balances at -year-end <br />are:. <br />General.Qbligation Bonds. Payable (1,353,651) <br />Unamortized Bond Discounts 15,467 <br />Accrued Interest on Long -Term Debt. (28,208) _ (1,36.1,48Q) (1,452,350) <br />TOTAL NET ASSETS' OF GOVERNMENTAL ACTIVITIES $ 1,155,465 $ 11102;025 <br />See': accompanying Notes: to Basic Financial Staternents. <br />(.7 <br />