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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, 2006 <br />Statement 4 <br />Total Fund Balances for Governmental Funds $ 16,155,382 <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 5,066,936 <br />Buildings, Net of Accumulated Depreciation 4,593,749 <br />Office Equipment and Furniture, Net of Accumulated Depreciation 514,309 <br />- Vehicles, Net of Accumulated Depreciation 951,072 <br />Machinery and Shop Equipment, Net of Accumulated Depreciation 291,928 <br />Other Equipment, Net of Accumulated Depreciation 408,798 <br />Infrastructure, Net of Accumulated Depreciation 36,523,576 51,159,427 <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. 10,014,771 <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. 215,754 <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 />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 <br />Unamortized premiums <br />Unamortized discounts <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 />26 <br />(364,415) <br />(21,687,000) <br />(157,530) <br />18,523 <br />(584,764) (22,410,771) <br />$ 54,770,148 <br />