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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, 2011 <br />FUND BALANCE - TOTAL GOVERNMENTAL FUNDS $ 33,687,643 <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 financial resources <br />and therefore are not reported in the governmental funds: <br />Governmental capital assets $166,303,410 <br />Less accumulated depreciation (56,701,890) 109,601,520 <br />2. Deferred revenue in governmental funds is susceptible to full accrual on the <br />government -wide statements. 4,049,178 <br />3. Long -term liabilities are not payable with current financial resources and are <br />therefore not reported in the governmental funds: <br />Bonds payable <br />(23,936,000 <br />Unamortized premium, issuance costs and deferred charge from refunding <br />230,308 <br />Contracts for deeds <br />(1,410,000) <br />Accrued interest payable <br />(431,030) <br />Compensated absences <br />(1,278,871 <br />Net OPEB obligation <br />(156,323) (26,981,916) <br />NET ASSETS OF GOVERNMENTAL ACTIVITIES <br />$120,356,425 <br />The notes to the financial statements are an integral part of this statement. <br />24 <br />