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CITY OF LINO LAKES, MINNESOTA RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET ASSETS December 31, 2005 Statement 4 Total Fund Balances for Governmental Funds $ 21,302,986 Total net assets reported for governmental activities in the statement of net assets is different because: Capital assets used in governmental funds are not financial resources and therefore are not reported in the funds. Those assets consist of: Land 2,809,059 Buildings, Net of Accumulated Depreciation 4,756,524 Office Equipment and Furniture, Net of Accumulated Depreciation 429,158 Vehicles, Net of Accumulated Depreciation 741,617 Machinery and Shop Equipment, Net of Accumulated Depreciation 251,406 Equipment, Net of Accumulated Depreciation 464,472 Infrastructure, Net of Accumulated Depreciation 35,998,547 45,450,783 Some of the City's property taxes and special assessments will be collected after year -end, but are not available soon enough to pay for the current period's expenditures, and therefore are reported as deferred revenue in the governmental funds. 9,974,886 Bond issuance costs are reported as expenditures in the governmental funds and are shown net of accumulated amortization on the statement of net assets as prepaid items. 143,471 Interest on long -term debt is not accrued in governmental funds, but rather is recognized as an expenditure when due. Accrued interest for general obligation bonds is included in the statement of net assets. Long -term liabilities that pertain to governmental funds, including bonds payable, are not due and payable in the current period and therefore are not reported as fund liabilities. All liabilities - both current and Tong -term - are reported in the statement of net assets. Balances at year -end are: Bonds payable Unamortized premiums Unamortized discounts Compensated absence payable Total Net Assets of Governmental Activities The accompanying notes are an integral part of these basic financial statements. 25 (358,888) (24,740,000) (176,166) 5,594 (514,583) (25,425,155) $ 51,088,083