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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />VADNAIS HEIGHTS, MINNESOTA <br />RECONCILIATION OF THE STATEMENT OF <br />REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES <br />TO THE STATEMENT OF ACTIVITIES <br />GOVERNMENTAL FUNDS <br />YEAR ENDED DECEMBER 31, 2009 <br />Total net change in fund balances - governmental funds $ 44,152 <br />Amounts reported for governmental activities <br />in the statement of activities are different because: <br />Capital outlays are reported in governmental funds as expenditures. However <br />in the statement of activities, the cost of those assets is allocated over the <br />estimated useful lives as depreciation expense. <br />Capital outlays <br />Depreciation expense <br />Certain revenues are recognized as soon as they are earned. Under the modified <br />accrual basis of accounting certain revenues cannot be recognized until they <br />are available to liquidate liabilities of the current period. <br />Special assessments <br />Some expenses reported in the statement of activities do not require the use of <br />current financial resources and, therefore, are not reported as expenditures <br />in governmental funds. <br />Compensated absences <br />15,632 <br />(9,538) <br />4,530 <br />(1,083) <br />Change in net assets - governmental activities $ 53,693 <br />The notes to financial statements are integral part of this statement. <br />-29- <br />