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CITY.OF GEM LAKE, MINNESOTA <br />RECONCILIATION OF THE GOVERNMENTAL. FUNDS BALANCE SHEET TO THE <br />STATEMENT OF NET ASSETS <br />GOVERNMENTAL FUNDS <br />❑ECEMBER 31, 2008 <br />(WITH COMPARATIVE DATA AS OF DECEMBER 31, 2007) <br />TOTAL FUND BALANCES FOR GOVERNMENTAL FUNDS. <br />Total net assets reported for governmental activities in the statement of net <br />assets is different because: <br />Capital .assets used in governmental. activities are.not financial. resources <br />and., therefore; are no reported in the funds. These capital assets. consist <br />of. <br />Buildings <br />S. 898,706 <br />Office: Equipment <br />13,190 <br />Infrastructure <br />699,782 <br />Accumulated Depreciation <br />(201,607) <br />Some% of the Gitys property taxes and special assessments. will be <br />collected after year-end, but are not available soon enough to pay tor .the . <br />currentperiod`s expenditures and, therefore,:are, reported as deferred <br />revenue in the.governtrmental funds. <br />Bond issue costs. are: reported as..ekpen ..itures. in the governmental f unds <br />and are shown net of accumulated amortization on the statement of net <br />assets. <br />Sorne liabilities are. not due and payable in the current period and; <br />therefore, are trot reported as fund kiabilities: Balances at year-end are: <br />General Obligation Bonds Payable <br />Unamortized Bond Discounts <br />Accrued Interest on Long -Term Debt <br />TOTAL. NET ASSETS OF GOVERNMENTAL ACTIVITIES <br />2008 2007 <br />$ 656,395 S 590,550 <br />1,410,07.3 11365,188 <br />543,411 565,47.6 <br />3.4,877 W,704 <br />(1„533,9.86) <br />1:9,013. <br />(26;213) (1,541.,186) (1,616,225). <br />S 1,103,570, S 942,693 <br />See accompanying. Notes to Basic: Financial Staternents. <br />r <br />t <br />