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CITY OF GEM LAKE. <br />/ Reconciliation of the Balance Sheetto the <br />l: Statement of Net Position <br />Governmental Activities <br />December 3I,.2021 <br />Total fund balances --governmental funds <br />Amounts reported for governmental activitiet*in the Statement of Net Position are different Because: <br />Capital assets used in governmental activities wd.not-financial. resources and, therefore, arenot <br />reported as assets. in governinerital funds. <br />Cost of capital assets <br />Less accumulated depreciation <br />Certain revenues {including taxes- and. specie] assessments) are included in net position, butare <br />excluded front. fund: until they am -available to.liquidate liabilities ofthe current period. <br />Long -tern liabilities; including bonds payable,. aiw.tiot-due and payable in the etirrbnt period and, <br />therefore, are not reported in the governmental funds. <br />Bonds payable <br />Unamortized bond'prettuums <br />Interest on long-term .debt is. included in the. change in net position as it accrues, regardless of <br />whem payment is due. However, it. is -included in the change in fund balances when due . <br />Total net position;— governtnenta(actiyities <br />See notes to basic: financial statements -10- <br />S' .843,996 <br />2,719,895 <br />Q,t165,362) <br />'754;828 <br />(14,799) <br />0.3,7.1.9) <br />S 2,159,839 <br />