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CITY OF LINO LAKES, MINNESOTA
<br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE
<br />SHEET TO THE STATEMENT OF NET POSITION
<br />December 31, 2015
<br />Statement 4
<br />Total Fund Balances for Governmental Funds $ 20,056,015
<br />Total net position reported for governmental activities in the statement of net position
<br />is different because:
<br />Capital assets used in governmental funds are not financial resources and, therefore, are not reported in the
<br />funds. Those assets consist of:
<br />Land
<br />$ 3,275,859
<br />Construction in Progress
<br />7,268,375
<br />Buildings, net of accumulated depreciation
<br />2,802,413
<br />Office equipment and furniture, net of accumulated depreciation
<br />133,963
<br />Vehicles, net of accumulated depreciation
<br />1,141,371
<br />Machinery and shop equipment, net of accumulated depreciation
<br />1,109,527
<br />Other equipment, net of accumulated depreciation
<br />193,122
<br />Infrastructure, net of accumulated depreciation
<br />25,303,407 41,228,037
<br />Some of the City's property taxes and special assessments will be collected after year-end, but are not available
<br />29,089
<br />soon enough to pay for the current period's expenditures and, therefore, are reported as a deferred inflow of
<br />(1,720,000)
<br />resources in the governmental funds.
<br />9,825,337
<br />Interest on long-term debt is not accrued in governmental funds, but rather is recognized as an expenditure when
<br />due. Accrued interest for general obligation bonds is included in the statement of net position. (338,379)
<br />The City's net pension liability and net pension asset and the related deferred inflows and deferred outflows of
<br />resources are recorded only on the Statement of Net Position. Balances at year end are:
<br />Net Pension Liability
<br />(4,868,844)
<br />Deferred Outflows of Resources - Pensions
<br />985,081
<br />Deferred Inflows of Resources - Pensions
<br />(636,040) (4,519,803)
<br />Long-term liabilities that pertain to governmental funds, including bonds payable, are not due and payable in the
<br />current period and, therefore, are not reported as fund liabilities. All liabilities - both current and long-term - are
<br />reported in the statement of net position. Balances at year-end are:
<br />Bonds payable
<br />(22,891,250)
<br />Unamortized premiums
<br />(135,130)
<br />Unamortized discounts
<br />29,089
<br />Notes payable
<br />(1,720,000)
<br />Other postemployment benefits
<br />(90,852)
<br />Compensated absence payable
<br />(688,905) (25,497,048)
<br />Total Net Position of Governmental Activities
<br />$ 40,754,159
<br />The accompanying notes are an integral part of these basic financial statements
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