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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2009 <br />Q. INTERFUND TRANSACTIONS <br />Interfund services provided and used are accounted for as revenues, expenditures or expenses. <br />Transactions that constitute reimbursements to a fund for expenditures /expenses initially made from it <br />that are properly applicable to another fund, are recorded as expenditures /expenses in the reimbursing <br />fund and as reductions of expenditures /expenses in the fund that is reimbursed. Interfund loans are <br />reported as an interfund loan receivable or payable which offsets the movement of cash between <br />funds. All other interfund transactions are reported as transfers. <br />R. USE OF ESTIMATES <br />The preparation of financial statements in accordance with generally accepted accounting principles <br />(GAAP) requires management to make estimates that affect amounts reported in the financial <br />statements during the reporting period. Actual results could differ from such estimates. <br />S. RECLASSIFICATIONS <br />Certain amounts presented in the prior year data has been reclassified in order to be consistent with the <br />current year's presentation. <br />T. RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL STATEMENTS <br />1. EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND <br />BALANCE SHEET AND THE GOVERNMENT -WIDE STATEMENT OF NET ASSETS <br />The governmental fund balance sheet includes a reconciliation between fund balance — total <br />governmental funds and net assets — governmental activities as reported in the government -wide <br />statement of net assets. One element of that reconciliation explains that "long -term liabilities, <br />including bonds payable, are not due and payable in the current period and therefore are not <br />reported in the funds." The details of this ($36,496,942) difference is as follows: <br />Bonds payable <br />($36,090,000) <br />Accrued interest payable <br />(632,724) <br />Unamortized bond discounts <br />2,842 <br />Unamortized bond premium <br />(167,706) <br />Deferred charges <br />467,486 <br />Other post - employment benefits <br />(76,840) <br />Net adjustment to reduce fund balance - total <br />governmental funds to arrive at net assets - <br />govermnental activities. ($36,496,942) <br />48 <br />