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CITY OF FALCON HEIGHTS, NLINNESOTA <br />GOVERNMENTAL FUNDS <br />• RECONCILIATION OF THE BALANCE SHEE <br />T <br />TO THE STATEMENT OF NET ASSETS <br />As of December 31, 2003 <br />Total Fund Balance -Governmental Funds (Page 29) $ 5,261,741 <br />Amounts reported for governmental activities in the Statement <br />of Net Assets are different because: <br />Capital assets used in governmental activities are not financial resources <br />and therefore are not reported as assets in governmental funds. <br />Cost of Capital Assets 7,651,947 <br />Less: Accumulated Depreciation (1,319,722) <br />Long-tei7n liabilities, including bonds payable, are not due and payable in <br />the current period and therefore are not reported as liabilities in the funds. <br />Long-Term Liabilities at Fear-End Consist of <br />Bonds Payable 2 440 000 <br />( ) <br />Compensated Absences Payable (39,787) <br />• .Delinquent property taxes receivable will be collected this year, but are not <br />available .soon enough to pay for the current period's expenditures, and <br />therefore are deferred in the funds. 4,841 <br />DefeiZed special assessment receivable is not available to pay for current expenditures 323,297 <br />and, therefore, are deferred in the funds. <br />Governmental funds do not report a liability for accrued interest on long-terra due <br />debt until due and payable. (47,496) <br />Total Net Assets -Governmental Activities (Page 27) $ 9,394,821 <br />• <br />The notes to the financial statements are an integral part of this statement. <br />30 <br />