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<br />CITY OF LINO LAKES, MINNESOTAStatement 4
<br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE
<br />SHEET TO THE STATEMENT OF NET POSITION
<br />Total Fund Balances for Governmental Funds21,524,101 $
<br />Total net position reported for governmental activities in the statement of net position
<br />is different because:
<br />Land 3,275,859 $
<br />Buildings, Net of Accumulated Depreciation3,324,186
<br />Office Equipment and Furniture, Net of Accumulated Depreciation450,739
<br />Vehicles, Net of Accumula ted Depreciation1,148,061
<br />Machinery and Shop Equipment, Net of Accumulated Depreciation392,625
<br />Other Equipment, Net of Accumulated Depreciation205,040
<br />Infrastructure, Net of Accumulated Depreciation30,838,053 39,634,563
<br />12,232,276
<br />219,206
<br />(334,040)
<br />Bonds Payable(17,426,000)
<br />Unamortized Premiums(67,373)
<br />Unamortized Discounts25,152
<br />N otes Payable (3,695,000)
<br />Other Post Employment Benefits (77,821)
<br />Compensated Absence Payable(634,572) (21,875,614)
<br />Total Net Position of Governmental Activities51,400,492 $
<br />The accompanying notes are an integral par t of these basic financial statements.
<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 />Long-term liabilities that pertain to gove rnmental funds, incl uding 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 />December 31, 2012
<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 />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 deferred revenue in the governmental
<br />funds.
<br />Bond issuance costs are reported as expenditures in the governmental funds and are
<br />shown net of accumulated amortization on the statement of net position.
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