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CITY OF GEM LAKE, MINNESOTA <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET <br />TO THE STATEMENT OF NET POSITION <br />GOVERNMENTAL. ACTIVITIES <br />DECEMBER. 31,2013 <br />TOTAL FUND BALANCES FOR GOVERNMENTAL FUNDS $ 590,1445 <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 financial <br />resources and, therefore, are not reported in the funds. These capita[ <br />assets consist of: <br />Buildings. $ 902,232 <br />Office Equipment 13,190 <br />Infrastructure 712,788 <br />Accumulated Depreciation (492,677) 1,135,533 <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 for. <br />the current period'.s expenditures and, therefore, are reported as <br />unavailable resources. in the governmental funds. 138,223 <br />Some liabilities are hot .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 (775,000.) <br />U.namortized Bond Discounts 6.570 <br />Accrued Interest on Long -Term Debt (13;856.) (782,186) <br />TOTAL NET POSITION OF GOVERNMENTAL ACTIVITIES $ 1,061,715 <br />See accompanying Notes to Basic Financial Statements. <br />(S} <br />