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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, 2009 <br />Statement 4 <br />Total Fund Balances for Governmental Funds $ 21,072,433 <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 of: <br />Land $ 2,809,059 <br />Buildings, Net of Accumulated Depreciation 3,945,724 <br />Office Equipment and Furniture, Net of Accumulated Depreciation 408,514 <br />Vehicles, Net of Accumulated Depreciation 1,364,599 <br />Machinery and Shop Equipment, Net of Accumulated Depreciation 184,434 <br />Other Equipment, Net of Accumulated Depreciation 311,081 <br />Infrastructure, Net of Accumulated Depreciation 35,417,653 44,441,064 <br />Some of the City's property taxes and special assessments will 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. <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 />Other Post Employment Benefits <br />Compensated Absence Payable <br />Total Net Assets of Governmental Activities <br />Me accompanying notes are an integral part of these basic financial statements. <br />26 <br />9,358,924 <br />242,118 <br />(389,046) <br />(25,237,000) <br />(111,186) <br />36,560 <br />(44,734) <br />(627,884) (25,984,244) <br />$ 48,741,249 <br />