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CITY OF GEM. LAKE, MINNESOTA <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, <br />EXPENDITURES AND CHANGES. IN FUND BALANCETO THE STATEMENT OF ACTIVITIES <br />GOVERNMENTAL ACTIVITIES <br />YEAR ENDED DECEMBER 31,.2016 <br />NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS. <br />$ 610,032 <br />Amounts reported for governmental activities in the statement of activities <br />are different because: <br />Governmental funds report capital outlays as expenditures. However; in <br />the statement of activities, assets are capitalized and the cost is <br />allocated over their estimated useful lives and reported as depreciation <br />expense. <br />Capital Outlays <br />w 94,357 <br />Depreciation Expense <br />[62,6261_ 31;74.1 <br />Delinquent and deferred: property taxes and special assessments' <br />receivable will be collected subsequent to .year-end, but are not: <br />available soon enough to. pay for the current p.eriod's expenditures. arid,. <br />therefore, are unavailable resources in the governmental funds._ <br />Unavailable: Resources - December 31, 2014 <br />80,664 <br />Unavailable Resources -December 31, 2015 <br />550,862 469,998 <br />The governmental funds report bond.proceeds_as financing sources, <br />while repayment of bond principal. is rep.orted as an expenditure, In the <br />statement of. net position, however, issuing deb# increases long-term <br />liabilities and does not affect the statement of activities and repayment <br />of principal reduces the Iiability,:Also, goverrimental.funds. report. the <br />effect premiums and discounts when debt:Is.first issued, whereas these <br />amounts are deferred and amortized:in the'statement of activities.. <br />Interest is recognized as an expenditure in the governmental funds <br />when it is due. In the statement of activities, however, interest expense <br />is recognized as it accrues, regardless of when it is due. The net effect <br />of these differences in: the treatment: of general obi igation bonds. and <br />related items is as follows: <br />issuance of Bonds Payable. (775,000.) <br />Repayment of Bond Principal <br />Change in Accrued Interest Payable 250. <br />Amortization: of Bond. Miscount. (g3)_ 760,213 <br />CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 351,558 <br />See accom0hYing Notes to Basic. Financial Statements. <br />(s) <br />