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CITY OF LAKE ELMO, MINNESOTA <br />RECONCILIATION OF THE BALANCE SHEET – GOVERNMENTAL FUNDS <br />TO THE STATEMENT OF NET POSITION <br />DECEMBER 31, 2023 <br /> <br /> <br />See accompanying notes. 30 <br /> <br /> <br />Total Fund Balances - Governmental Funds 20,685,436$ <br />Amounts reported for governmental activities in the Statement of Net Position <br />are different because: <br />Capital assets used in governmental activities are not current financial resources <br />and, therefore, are not reported as assets in the governmental funds: <br />Capital Assets 108,951,993$ <br />Accumulated Depreciation (21,298,787) <br />Capital Assets (Net) 87,653,206 <br />Long-term liabilities are not due and payable in the current period and, therefore, <br />are not reported as liabilities in the governmental funds Balance Sheet: <br />Bond Principal Payable (31,425,000) <br />Bond Premium, Net of Accumulated Amortization (1,321,965) <br />Compensated Absences (110,115) <br />(32,857,080) <br />The net OPEB liability represents the present value of projected unfunded future <br />postemployment benefits other than pensions, as determined by an actuary as <br />of the most recent measurement date. Such liability and related balances do not <br />represent the impending use of current financial resources and, therefore, are <br />not reported in the governmental funds: <br />Net OPEB Liability (65,774) <br />The net pension asset/liability and related deferred outflows/inflows represent <br />the allocation of pension obligations to the City. Such balances are not reported <br />in the governmental funds: <br />Net Pension Asset 565,242 <br />Net Pension Liability (1,238,795) <br />Deferred Outflows - Pensions 1,100,857 <br />Deferred Inflows - Pensions (1,147,438) <br />(720,134) <br />Interest on long-term debt is recognized as an expenditure when due and payable <br />in the governmental funds. Therefore, interest is not accrued in the governmental <br />funds Balance Sheet, but is accrued in the Statement of Net Position:(399,971) <br />Other long-term assets are not available to pay for current-period expenditures <br />and, therefore, are reported as unavailable in the governmental funds: <br />Property Taxes Receivable 52,486 <br />Special Assessments Receivable 3,676,254 <br />3,728,740 <br />TOTAL NET POSITION OF GOVERNMENTAL ACTIVITIES 78,024,423$