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CITY OF LINO LAKES, MINNESOTA
<br />RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE
<br />SHEET TO THE STATEMENT OF NET ASSETS
<br />December 31, 2010
<br />Statement 4
<br />Total Fund Balances for Governmental Funds $ 21,166,347
<br />Total net assets reported for governmental activities in the statement of net assets
<br />is different because:
<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 />Land $ 2,809,059
<br />Buildings, Net of Accumulated Depreciation 3,728,690
<br />Office Equipment and Furniture, Net of Accumulated Depreciation 360,674
<br />Vehicles, Net of Accumulated Depreciation 1,223,361
<br />Machinery and Shop Equipment, Net of Accumulated Depreciation 232,749
<br />Other Equipment, Net of Accumulated Depreciation 271,875
<br />Infrastructure, Net of Accumulated Depreciation 33,323,819 41,950,227
<br />Some of the City's property taxes and special assessments will be collected after year -end, but are
<br />not available soon enough to pay for the current period's expenditures and, therefore, are reported as
<br />deferred revenue in the governmental funds.
<br />Bond issuance costs are reported as expenditures in the governmental funds and are shown net of
<br />accumulated amortization on the statement of net assets.
<br />Interest on long -term debt is not accrued in governmental funds, but rather is recognized as an
<br />expenditure when due. Accrued interest for general obligation bonds is included in the statement of
<br />net assets.
<br />Long -term liabilities that pertain to governmental funds, including bonds payable, are not due and
<br />payable in the current period and therefore are not reported as fund liabilities. All liabilities - both
<br />current and long -term - are reported in the statement of net assets. Balances at year -end are:
<br />Bonds Payable
<br />Unamortized Premiums
<br />Unamortized Discounts
<br />Notes Payable
<br />Other Post Employment Benefits
<br />Compensated Absence Payable
<br />Total Net Assets of Governmental Activities
<br />The accompanying notes are an integral part of these basic financial statements.
<br />26
<br />9,130,784
<br />229,300
<br />(411,113)
<br />(19,316,000)
<br />(102,101)
<br />30,091
<br />(4,260,000)
<br />(63,287)
<br />(625,121) (24,336,418)
<br />$ 47,729,127
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