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<br />CITY OF ELK RIVER, MINNESOTA <br />RECONCILIATION OF THE GOVERNMENTAL FUNDS <br />BALANCE SHEET TO THE STATEMENT OF NET ASSETS <br />DECEMBER 31, 2004 <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 />Accrued interest payable <br />Compensated absences <br /> <br />NET ASSETS OF GOVERNMENTAL ACTIVITIES <br /> <br />The notes to the financial statements are an integral part of this statement. <br /> <br />21 <br /> <br />$ 112,693,490 <br />(25,935,060) <br /> <br />$ 25,535,690 <br /> <br />86,758,430 <br /> <br />6,430,962 <br /> <br />(20,436,967) <br />(345,549) <br />(465,634) (21,248,150) <br /> <br />$ 97,476,932 <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br />