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CITY OF HUGO, MINNESOTA <br />RECONCILIATION OF THE STATEMENT OF REVENUES, <br />EXPENDITURES, AND CHANGES IN FUND BALANCES OF <br />GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES <br />For the Year Ended December 31, 2015 <br />Amounts reported for governmental activities in the statement of activities are different because: <br />Net change in fund balances - total governmental funds (page 20) <br />$ (4,426,473) <br />Governmental funds report capital outlays as expenditures. <br />However, in the statement of activities the cost of those assets <br />is allocated over their estimated useful lives and reported as <br />depreciation expense. <br />Capital outlay -capitalized $ 1,595,836 <br />Depreciation expense (1,301,107) <br />294,729 <br />Infrastructure is contributed from developers to governmental <br />activities. The amounts affect governmental net position <br />but do not affect fund balance. <br />1,150,330 <br />The net effect of various miscellaneous transactions involving <br />capital assets (i.e., sales, trade-ins and donations) is to <br />decrease net assets. <br />(353,778) <br />Revenues in the statement of activities that do not provide current <br />financial resources are not reported as revenues in the funds. <br />Unavailable revenue, End of year $ 3,800,420 <br />Unavailable revenue, Beginning of year (4,462,408) <br />(661,988) <br />Some expenses reported in the statement of activities do not <br />require the use of current financial resources and, therefore, <br />are not reported as expenditures in governmental funds. <br />Compensated absences <br />(3,339) <br />Bond, contract and loan proceeds provide current financial resources to <br />governmental funds, but issuing debt increases long-term liabilities in <br />the statement of net position. Repayment of bond principal is an <br />expenditure in the governmental funds, but the repayment <br />reduces long-term liabilities in the statement of net position. <br />Principal retirement on long-term debt $ 7,070,000 <br />Change in net pension liability (15,405) <br />Change in accrued interest 113,987 <br />Change in bond discounts and premium (75,584) <br />7,092,998 <br />Change in net position of governmental activities (pages 16 and 17) $ 3,092,479 <br />See Notes to Financial Statements <br />21 <br />