CITY OF LINO LAKES, MINNESOTA
<br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE
<br />SHEET TO THE STATEMENT OF NET POSITION
<br />December 31, 2014
<br />Total Fund Balances for Governmental Funds
<br />Total net position reported for governmental activities in the statement of net position
<br />is different because:
<br />Statement 4
<br />$ 22,542,363
<br />Capital assets used in governmental funds are not financial resources and,
<br />therefore, are not reported in the funds. Those assets consist of:
<br />Land
<br />$ 3,275,859
<br />Construction in Progress
<br />808,093
<br />Buildings, net of accumulated depreciation
<br />3,116,839
<br />Office equipment and furniture, net of accumulated depreciation
<br />364,999
<br />Vehicles, net of accumulated depreciation
<br />1,170,030
<br />Machinery and shop equipment, net of accumulated depreciation
<br />336,387
<br />Other equipment, net of accumulated depreciation
<br />167,804
<br />Infrastructure, net of accumulated depreciation
<br />26,972,973 36,212,984
<br />Some of the City's property taxes and special assessments will be collected after
<br />year-end, but are not available soon enough to pay for the current period's
<br />expenditures and, therefore, are reported as a deferred inflow of resources in the
<br />governmental funds.
<br />9,708,584
<br />Interest on long-term debt is not accrued in governmental funds, but rather is
<br />recognized as an expenditure when due. Accrued interest for general obligation
<br />bonds is included in the statement of net position.
<br />(249,868)
<br />Long-term liabilities that pertain to governmental funds, including bonds payable,
<br />are not due and payable in the current period and, therefore, are not reported as
<br />fund liabilities. All liabilities - both current and long-term - are reported in the
<br />statement of net position. Balances at year-end are:
<br />Bonds payable (16,676,000)
<br />Unamortized premiums (28,861)
<br />Unamortized discounts 32,684
<br />Notes payable (2,080,000)
<br />Other postemployment benefits (91,023)
<br />Compensated absence payable (635,995)
<br />Total Net Position of Governmental Activities
<br />The accompanying notes are an integral part of these basic financial statements.
<br />27
<br />(19,479,195)
<br />$ 48,734,868
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