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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, 2007 <br />FiJND BALANCE -TOTAL GOVERNMENTAL FUNDS <br />' Amounts reported for governmental activities in the statement of net assets arc different because: <br />t. 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 <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 no[ payable with current financial resources and are <br />therefore no[ reported in the governmental funds: <br />' Bonds payable <br />Capital leases <br />Accrued interest payable <br />Compensated absences <br />NET ASSETS OF GOVERNMENTAL ACTIV[TIES <br /> <br /> <br /> <br />CI <br /> <br /> <br /> <br />' The notes to the financial statements are an integral pats of this statement. <br />24 <br />$147,744,271 <br />(38,145,601) <br />$ 32;834,718 <br />09,598,670 <br />6,492,882 <br />(28,740,350) <br />(2,123,092) <br />(385,092) <br />(553,378) (31,801,9]2) <br />$117,124,358 <br />