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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, 2016 <br />TOTAL FUND BALANCES FOR GOVERNMENTAL FUNDS <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 resources <br />and, therefore, are not reported in the funds. These capital assets <br />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 the <br />current period's expenditures and, therefore, are reported as unavailable <br />resources in the governmental funds <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 />Accrued Interest on Long -Term Debt <br />TOTAL NET POSITION OF GOVERNMENTAL ACTIVITIES <br />See accompanying Notes to Basic Financial Statements. <br />$ 902,232 <br />12,895 <br />1,131,144 <br />(682,481) <br />$ 168,509 <br />1,363,790 <br />497,799 <br />(775,000) <br />(7,033) (782,033) <br />$ 1,248,065 <br />A-9 <br />