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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, 2003 <br /> <br />FUND BALANCE - TOTAL GOVERNMENTAL FUNDS <br /> <br />Amounts reported for governmental activities in the statement of net assets are different because: <br /> <br />1. Capital assets used in governmental activities are not current financial resources <br /> and therefore are not reported in the governmental funds: <br /> <br />Governmental capital assets <br />Less accumulated depreciation <br /> <br />2. Deferred revenue in governmental funds is susceptible to full accrual on the <br /> government-wide statements. <br /> <br />3. Long-term liabilities are not payable with current financial resources and are <br /> therefore not reported in the governmental funds: <br /> <br />Bonds payable <br />Contract for deed <br />Accrued interest payable <br />Compensated absences <br /> <br />NET ASSETS OF GOVERNMENTAL ACTIVITIES <br /> <br />$100,891,856 <br /> (22,239,433) <br /> <br />(22,600,450) <br /> (47,976) <br /> (375,016) <br /> (420,227) <br /> <br />24,310,175 <br /> <br />78,652,423 <br /> <br />7,310,546 <br /> <br />(23,443,669) <br /> <br />86,829,475 <br /> <br />The notes to the financial statements are an integral part of this statement. <br /> <br />22 <br /> <br /> <br />