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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, 2005 <br />Statement 4 <br />Total Fund Balances for Governmental Funds $ 21,302,986 <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 />Buildings, Net of Accumulated Depreciation 4,756,524 <br />Office Equipment and Furniture, Net of Accumulated Depreciation 429,158 <br />Vehicles, Net of Accumulated Depreciation 741,617 <br />Machinery and Shop Equipment, Net of Accumulated Depreciation 251,406 <br />Equipment, Net of Accumulated Depreciation 464,472 <br />Infrastructure, Net of Accumulated Depreciation 35,998,547 <br />w <br />ver <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 />45,450,783 <br />9,974,886 <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. 143,471 <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 (24,740,000) <br />Unamortized premiums (176,166) <br />Unamortized discounts 5,594 <br />Compensated absence payable (514,583) <br />Total Net Assets of Governmental Activities <br />The accompanying notes are an integral part of these basic financial statements. <br />25 <br />(358,888) <br />(25,425,155) <br />$ 51,088,083 <br />