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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, 2012 <br />TOTAL FUND BALANCES FOR GOVERNMENTAL FUNDS <br />Total net assets reported for governmental activities in the statement of <br />net assets is different because: <br />Capital assets used in governmental activities are not financial <br />resources and, therefore, are no reported in the funds. These capital <br />assets consist of: <br />Buildings <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 <br />the current period's expenditures and, therefore, are reported as <br />deferred revenue in the governmental funds. <br />Bond issue costs are reported as expenditures in the governmental <br />funds and are shown net of accumulated amortization on the statement <br />of net position. <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 POSITION OF GOVERNMENTAL ACTIVITIES <br />See accompanying Notes to Basic Financial Statements. <br />(8) <br />$ 902,232 <br />13,190 <br />712,788 <br />(430,804) <br />855,059 <br />1,197,406 <br />229,043 <br />23,567 <br />(1,154,923) <br />11,919 <br />(20,070) (1,163,074) <br />$ 1,142,001 <br />