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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND <br />CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES <br />YEAR ENDED DECEMBER 31, 2018 <br />Amounts reported for the govemmental activities in the statement of activities are <br />different because: <br />Total Net Change in Fund Balances - Governmental Funds $ 190,268 <br />Capital outlays are reported in govemmental funds as expenditures. <br />However in the statement of activities, the cost of those assets is <br />allocated over the estimated useful lives as depreciation expense. <br />Depreciation Expense (26,735) <br />Capital Outlays 118,671 <br />Certain revenues are recognized as soon as they are eamed. Under <br />the modified accrual basis of accounting, certain revenues cannot <br />be recognized until they are available to liquidate liabilities of the <br />current period. <br />Special Assessments <br />(3,478) <br />Some expenses reported in the statement of activities do not require <br />the use of current financial resources and, therefore, are not reported <br />as expenditures in govemmental funds. <br />Pension Expense (10,740) <br />Compensated Absences (1,910) <br />Change in Net Position - Governmental Activities $ 266,076 <br />See accompanying Notes to Financial Statements. <br />(18) <br />