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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, 2003
<br />Total Fund Balances for Governmental Funds
<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 are not reported in
<br />the funds. Those assets consist of:
<br />Statement 4
<br />$ 15,454,578
<br />Land 3,113,490
<br />Buildings, Net of $1,269,088 Accumulated Depreciation 5,201,841
<br />Office Equipment and Furniture, Net of $476,327 Accumulated Depreciation 488,673
<br />Vehicles, Net of $615,064 Accumulated Depreciation 731,194
<br />Machinery and Shop Equipment, Net of $375,699 Accumulated Depreciation 243,190
<br />Equipment, Net of $390,395 Accumulated Depreciation 539,370
<br />Infrastructure, Net of $27,670,053 Accumulated Depreciation 34,970,339 45,288,097
<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 deferred
<br />revenue in the governmental funds.
<br />Bond issuance costs are reported as expenditures in the governmental funds. A total of $37,326 costs
<br />have been incurred and are shown net of $207 accumulated amortization on the statement of net assets
<br />as prepaid items.
<br />Interest on long -term debt is not accrued in governmental funds, but rather is recognized as an
<br />expenditure when due. Accrued interest for general obligation bonds is included in the statement of net
<br />assets.
<br />Long -term liabilities that pertain to governmental funds, including bonds payable, are not due and
<br />payable in the current period and therefore are not reported as fund liabilities. All liabilities - both
<br />current and long -term - are reported in the statement of net assets. Balances at year -end are:
<br />Bonds payable (19,294,192)
<br />Unamortized premiums (3,546)
<br />Compensated absence payable
<br />Total Net Assets of Governmental Activities
<br />The accompanying notes are an integral part of these basic financial statements.
<br />24
<br />4,089,200
<br />33,553
<br />(337,004)
<br />(19,297,738)
<br />$ 45,230,686
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