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CITY OF GEM LAKE <br />Reconciliation of the Balance Sheet to the <br />Statement of Net Position <br />Governmental Activities <br />December 31, 2025 <br />Total fund balances — governmental funds <br />$ 1,680,918 <br />Amounts reported for governmental activities in the Statement of Net Position are different <br />because: <br />Capital assets used in governmental activities are not financial resources and, therefore, are not <br />reported as assets in governmental funds. <br />Cost of capital assets <br />942587 <br />2,, <br />Less accumulated depreciation <br />(1,49898,16060) <br />Certain revenues (including taxes and special assessments) are included in net position, but are <br />excluded from fund balances until they are available to liquidate liabilities of the current period. <br />458,139 <br />Long-term liabilities, including bonds payable, are not due and payable in the current period <br />and, therefore, are not reported in the governmental funds. <br />Bonds payable <br />(6 ,671) <br />Unamortized bond premiums <br />(9 ,71) <br />Interest on long-term debt is included in the change in net position as it accrues, regardless of <br />when payment is due. However, it is included in the change in fund balances when due. <br />(9,173) <br />Total net position — governmental activities <br />$ 2,919,640 <br />See notes to basic financial statements -10- <br />