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CITY OF ELK RIVER, MINNESOTA <br />RECONCILIATION' OF THE GOVERNMENTAL FUNDS <br />BALANCE SHEET TO THE STATEMENT OF NET ASSETS <br />DECEMBER 31, 2009 <br />FUND BALANCE-TOTAL GOVERNMENTAL FUNDS <br />Amounts reported for governmental activities in the statement of net assets are different because: <br />1. Capital assets used in governmental activities are not current fmancial resources <br />and therefore are not reported in the governmental funds: <br />Governmental capital assets <br />Less accumulated depreciation <br />2. Deferred revenue in governmental funds is susceptible to full accrual on the <br />government-wide statements. <br />3. Long-term liabilities are not payable with current fmancial resources and are <br />therefore not reported in the governmental funds: <br />Bonds payable <br />Capital leases <br />Contracts for deeds <br />Accrued interest payable <br />Compensated absences <br />Net OPEB obligation <br />NET ASSETS OF GOVERNMENTAL ACTIVITIES <br />The notes to the fmancial statements are an integral part of this statement. <br />24 <br />$162,711,928 <br />(46,971,546) <br />$ 30,180,383 <br />115,740,382 <br />5,235,778 <br />(28,384,473) <br />(16,992) <br />(1,629,500) <br />(509,396) <br />(1,063,812) <br />(91,619) (31,695,792) <br />$119,460,751 <br /> <br />