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CITY OF GEM LAKE Reconciliation of the Balance Sheet to the Statement of Net Position Governmental Activities December. 31., :2020 TotziFftind balances- governnie» tal funds Amounts reported for governmental activities in the Statement of Net Position are different because; Capital assets used in governmentalactivities are not financial resources and, therefore, are not reported as assets in governmental funds. Cost of capital. assets Less accumulated depreciation Certain revenues (including.taxes and special assessments) are included in net position, but are excluded from fond balances until they are available to liyuidate.liabilities ofthe.c.urrent period. Long-term liabilities,, including bonds payable, are not due and payable in the current period and, therefore, are notreported in the governmental funds.. Bonds: payable Unamortized bond premiums Interest on long=tenor debt is included in: the: change in net position as it accrues, regardless of when payment is due. However, it is included .in the change in fund. balances when due. Total net position — goverunental-activities See notes to basic financial statements -9- $* 971,666 2,49t;213- (97q;2d i) 82.7,919 {1,160,00.0) '(ll6;081) (1-4,669) $. 24329;847.