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CITY OF GEM LAKE, MINNESOTA <br />REGONCILIATI0N OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE <br />STATEMENT OF NET ASSETS <br />GOVERNMENTAL FUNDS <br />DECEMBER 31, 2007 <br />TOTAL FUND BALANCES FOR GOVERNMENTAL. FUNDS <br />Total netassets reported. for governmental activities in the. statement of net <br />assets is different because: <br />Capita[ 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 />Construction in Progress <br />Office Equipment <br />Infrastructure <br />Accumulated Depreciation <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 the <br />current period's expenditures arid, therefore, are reported as deferred <br />revenue in the..governmental funds. <br />Bond issue costs are reported, .as expenditures in the governmental funds <br />and are shown net of accumulated amortization on the statement of net <br />assets. <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 />Unamortized Bond Discounts <br />Accrued Interest on Long -Term Debt <br />TOTAL NET ASSETS OF GOVERNMENTAL. ACTIVITIES <br />$ 814,132. <br />1,250 <br />699,782 <br />(1.49, 976) <br />$ 590,550 <br />1 365;188 <br />565,476 <br />37,704 <br />0 , 606,193) <br />20,786 <br />(50,818) (1,616,225) <br />$: 942,693 <br />See accompanying Notes to Basic Financial Statements. <br />(7} <br />