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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, 2024 <br /> <br /> <br />See accompanying notes. 30 <br />Total Fund Balances - Governmental Funds 24,381,058$ <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 129,550,071$ <br />Accumulated Depreciation (24,743,461) <br />Capital Assets (Net) 104,806,610 <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 (32,915,000) <br />Bond Premium, Net of Accumulated Amortization (1,534,390) <br />Compensated Absences (191,197) <br />(34,640,587) <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 (47,176) <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 656,675 <br />Net Pension Liability (1,220,071) <br />Deferred Outflows - Pensions 1,209,375 <br />Deferred Inflows - Pensions (1,261,384) <br />(615,405) <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:(428,986) <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 56,052 <br />Special Assessments Receivable 3,847,027 <br />3,903,079 <br />TOTAL NET POSITION OF GOVERNMENTAL ACTIVITIES 97,358,593$ <br />