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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, 2006 <br />FUND BALANCE - TOTAL GOVERNMENTAL FUNDS$27,957,749 <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$135,145,821 <br /> Less accumulated depreciation(33,774,152)101,371,669 <br />2.Deferred revenue in governmental funds is susceptible to full accrual on the <br />government-wide statements.5,782,753 <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(17,006,834) <br /> Capital leases(1,908,725) <br /> Accrued interest payable(228,457) <br /> Compensated absences(503,194)(19,647,210) <br />NET ASSETS OF GOVERNMENTAL ACTIVITIES$115,464,961 <br />The notes to the financial statements are an integral part of this statement. <br />22 <br /> <br />