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CITY OF GEM.LAKE, MINNESO.TA <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET <br />TO THE STATEMENT OF NET POSITION <br />GOVERNMENTAL. ACTIVITIES <br />DECEMBER 31, 2015 <br />TOTAL FUND BALANCES. FOR .GOVERNMENTAL FUNDS $ 1,172,353 <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 financ-ial <br />resources and, therefore, are not reported in the funds. These capital <br />assets.cbnslst.af: <br />Buildings <br />$ 902,232 <br />Office Equipment <br />12,895 <br />Infrastructure <br />Accumulated Depreciation <br />71.2,786 <br />610;522 1,1.05,760 <br />Some of the City's property taxes and special assessnients:will be <br />collected after year-end, but are not available soon. enough to pay for the. <br />current.period's expenditures and, therefore,. are reported as; unavailable <br />resources in the governmental funds. <br />550,862 <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 Obligation Bonds Payable. ' " _. <br />(1,520,000) <br />Unarnortized Bond Discounts <br />Accrued Interest on.Long-Term Debt:,.,. '`; <br />5,744 <br />(13.356(1,527,61? <br />TOTAL NET POSITION D.F GGVERNMENTAL. ACTIVITIES <br />$ 1,301;363 <br />See. accompanying Notes to Basic Financial Statements. <br />(7) <br />