|
CITY OF LINO LAKES, MINNESOTA Statement 6
<br />RECONCILIATION OF THE GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES, AND
<br />CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES
<br />Year Ended December 31, 2007
<br />Net Change in Fund Balances -Total Governmental Funds
<br />Amounts reported for governmental activities in the statement of activities are different because:
<br />Governmental funds report capital outlays as expenditures. However, in the
<br />statement of activities, assets are capitalized and the cost is allocated over their
<br />estimated useful lives and reported as depreciation expense.
<br />Capital outlays
<br />Contributed capital assets
<br />Capital contributions to business -type funds
<br />Gain on disposal of capital assets
<br />Proceeds from sales of capital assets
<br />Depreciation expense
<br />The governmental funds report bond proceeds as financing sources, while repayment
<br />of bond principal is reported as an expenditure. In the statement of net assets,
<br />however, issuing debt increases long -term liabilities and does not affect the statement
<br />of activities and repayment of principal reduces the liability. Also, governmental
<br />funds report the effect of issuance costs, premiums and discounts when debt is first
<br />issued, whereas these amounts are deferred and amortized in the statement of
<br />activities. Interest is recognized as an expenditure in the governmental funds when it
<br />is due. In the statement of activities, however, interest expense is recognized as it
<br />Wow accrues, regardless of when it is due. The net effect of these differences in the
<br />treatment of general obligation bonds and related items is as follows:
<br />Issuance of general obligation bonds
<br />Issuance of equipment certificates
<br />Bond discount
<br />Bond issuance costs
<br />Repayment of bond principal
<br />NNW
<br />Interest expense for general obligation bonds
<br />Amortization of bond issuance costs
<br />Amortization of bond premium
<br />Amortization of bond discount
<br />Delinquent and deferred property taxes and special assessments receivable will be
<br />collected subsequent to year -end, but are not available soon enough to pay for the
<br />current period's expenditures, and therefore are deferred in the governmental funds.
<br />Deferred revenue - December 31, 2006
<br />Deferred revenue - December 31, 2007
<br />In the statement of activities, compensated absences are measured by the amounts
<br />earned during the year. In the governmental funds, however, expenditures for these
<br />items are measured by the amount of financial resources used (essentially, the
<br />amounts actually paid). During fiscal year 2007, compensated absence payable
<br />increased.
<br />Change in Net Assets of Governmental Activities
<br />The accompanying notes are an integral part of these basic financial statements.
<br />$ 3,034,602
<br />1,978,457
<br />145,450
<br />(776,712)
<br />17,424
<br />(54,037)
<br />(2,783,309) (1,472,727)
<br />(4,215,000)
<br />(160,000)
<br />25,798
<br />39,917
<br />1,973,000
<br />(80,119)
<br />(19,845)
<br />19,120
<br />(2,027) $ (2,419,156)
<br />$ 10,014,771
<br />9,606,192 $ (408,579)
<br />(51,140)
<br />$ (1,317,000)
<br />
|