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CITY OF GEM LAKE <br />Reconciliation of the Statement of <br />Revenue, Expenditures, and Changes in Fund Balances <br />to the Statement of Activities <br />Governmental Activities <br />Year Ended December 31, 2025 <br />Total net change in fund balances — governmental funds <br />$ 384,084 <br />Amounts reported for governmental activities in the Statement of Activities are different because: <br />Capital outlays are reported in governmental funds as expenditures. However, in the Statement <br />of Activities, the cost of those assets is allocated over the estimated useful lives as depreciation <br />expense. <br />Capital outlays <br />13,975 <br />Depreciation expense <br />(112,281) <br />Certain revenues (including taxes and special assessments) are included in the change in net <br />position, but are excluded from the change in fund balances until they are available to liquidate <br />liabilities of the current period. <br />(79,582) <br />Repayment of bond principal is an expenditure in the governmental funds, but reduces long- <br />term liabilities in the Statement of Net Position. <br />105,000 <br />Some expenses reported in the Statement of Activities do not require the use of current <br />financial resources and, therefore, are not reported as expenditures in governmental funds. <br />Amortization of bond premiums <br />1,282 <br />Accrued interest <br />1,218 <br />Change in net position — governmental activities <br />$ 313,696 <br />See notes to basic financial statements -13- <br />