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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, 2008
<br />Total Fund Balances for Governmental Funds 8 16,184,994
<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, therefore,
<br />are not reported in the funds. Those assets consist ofi
<br />Land $ 2,809,059
<br />Construction in Progress 2,762,525
<br />Buildings, Net of Accumulated Depreciation 4,162,757
<br />Office Equipment and Furniture, Net of Accumulated Depreciation 443,209
<br />Vehicles, Net of Accumulated Depreciation 1,311,603
<br />Machinery and Shop Equipment, Net of Accumulated Depreciation 215,050
<br />Other Equipment, Net of Accumulated Depreciation 351,186
<br />infrastructure, Net of Accumulated Depreciation 34,831,339 46,886,728
<br />Some of the City's properly taxes and special assessments be collected after year -end, but are not
<br />available soon enough to pay for the current period's expenditures and, therefore, are reported as
<br />deferred revenue in the governmental funds. 9,565,856
<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 as prepaid items. 214,680
<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. (41 1,370)
<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 (22,549,000)
<br />Unauiortized Premiums (119,290)
<br />Unamortized Discounts 39,427
<br />Other Post Employment Benefits (22,481)
<br />Compensated Absence Payable (655,644) (23,306,988)
<br />Total Net Assets of Governmental Activities S 49,133,900
<br />The accomparving notes are an integral pat of these baste financial statements.
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