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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, 2011
<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,
<br />therefore, are not reported in the funds. Those assets consist of:
<br />Land
<br />Construction in Progress
<br />Buildings, Net of Accumulated Depreciation
<br />Office Equipment and Furniture, Net of Accumulated Depreciation
<br />Vehicles, Net of Accumulated Depreciation
<br />Machinery and Shop Equipment, Net of Accumulated Depreciation
<br />Other Equipment, Net of Accumulated Depreciation
<br />Infrastructure, Net of Accumulated Depreciation
<br />Some of the City's property taxes and special assessments will be collected after
<br />year -end, but are not available soon enough to pay for the current period's
<br />expenditures and, therefore, are reported as deferred revenue in the governmental
<br />funds.
<br />Bond issuance costs are reported as expenditures in the governmental funds and are
<br />shown net of accumulated amortization on the statement of net assets.
<br />Interest on long -term debt is not accrued in governmental funds, but rather is
<br />recognized as an expenditure when due. Accrued interest for general obligation
<br />bonds is included in the statement of net assets.
<br />Long -term liabilities that pertain to governmental funds, including bonds payable,
<br />are not due and payable in the current period and, therefore, are not reported as
<br />fund liabilities. All liabilities - both current and long -term - are reported in the
<br />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 />w
<br />INEMP
<br />26
<br />$ 3,275,859
<br />211,705
<br />3,542,239
<br />447,690
<br />1,192,147
<br />197,507
<br />232,546
<br />32,967,803
<br />Statement 4
<br />$ 16,933,540
<br />42,067,496
<br />12,643,772
<br />198,063
<br />(334,899)
<br />(17,406,000)
<br />(89,014)
<br />27,621
<br />(3,695,000)
<br />(72,808)
<br />(610,655) (21,845,856)
<br />$ 49,662,116
<br />
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