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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />RECONCILIATION OF THE BALANCE SHEETS <br />TO THE STATEMENT OF NET ASSETS <br />GOVERNMENTAL FUNDS <br />YEAR ENDED DECEMBER 31, 2009 <br />Total fund balances - governmental $ 254,419 <br />Amounts reported for the governmental activities in the statement <br />of net assets are different because: <br />Capital assets used in governmental activities are not financial <br />resources and therefore are not reported as assets in governmental funds. <br />Cost of capital assets <br />Less: accumulated depreciation <br />Noncurrent liabilities, are not due and payable in the current period <br />and therefore are not reported as liabilities in the funds. <br />Compensated absences <br />Some receivables are not available soon enough to pay for the current period's <br />expenditures, and therefore are deferred in the funds. <br />Delinquent special assessments <br />181,219 <br />(17,817) <br />(10,198) <br />10,538 <br />Total net assets - governmental activities $ 418,161 <br />The notes to the financial statements are an integral part of this statement. <br />-27- <br />