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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, 2007 <br />Statement 4 <br />Total Fund Balances for Governmental Funds $ 19,189,984 <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 />Land 2,809,059 <br />Construction in progress 5,738,921 <br />Buildings, Net of Accumulated Depreciation 4,376,812 <br />Office Equipment and Furniture, Net of Accumulated Depreciation 491,145 <br />Vehicles, Net of Accumulated Depreciation 1,157,749 <br />Machinery and Shop Equipment, Net of Accumulated Depreciation 246,652 <br />Other Equipment, Net of Accumulated Depreciation 391,712 <br />Infrastructure, Net of Accumulated Depreciation 34,474,650 49,686,700 <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. 9,606,192 <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. 235,826 <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 />•s 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 />(444,534) <br />sm. Bonds payable (24,089,000) <br />Unamortized premiums (138,410) <br />Unamortized discounts 42,294 <br />Compensated absence payable (635,904) (24,821,020) <br />Total Net Assets of Governmental Activities $ 53,453,148 <br />The accompanying notes are an integral part of these basic financial statements. <br />25 <br />