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<br />CITY OF RAMSEY <br /> <br />Reconciliation of the Statement of <br />Revenue, Expenditures, and Changes in Fund Balances <br />to the Statement of Activities <br />Governmental Funds <br />Year Ended December 31, 2007 <br /> <br />Total net change in fund balances - Governmental Funds <br /> <br />Amounts reported for governmental activities in the Statement of Activities are <br />different because: <br /> <br />Capital outlays are reported in Governmental Funds as expenditures. However, in <br />the Statement of Activities the cost of those assets is allocated over the estimated <br />useful lives as depreciation expense. <br />Capital outlays <br />Allocation of completed construction, transfers to Enterprise Funds & disposals <br />Depreciation expense <br /> <br />The amount of bond proceeds used to finance the acquisition of capital assets is <br />reported in the Governmental Funds as a source of financing. Bond proceeds are <br />not revenues in the Statement of Activities, but rather constitute long-term <br />liabilities. <br /> <br />Repayment of long-term liabilities is an expenditure in the Governmental Funds, <br />but the repayment reduces long-term liabilities in the Statement of Net" Assets. <br /> <br />Interest on long-term debt in the Statement of Activities differs from the amount <br />reported in the Governmental Funds because interest is recognized as an <br />expenditure in the funds when it is due, and thus requires the use of current <br />financial resources. In the Statement of Activities, however, interest expense is <br />recognized as the interest accrues, regardless of when it is due. <br /> <br />Certain revenues (including delinquent taxes and special assessments) are included <br />in the change in net assets, but are excluded from the change in fund balances until <br />they are available to liquidate liabilities of the current period. <br /> <br />Certain expenses are included in the change in net assets, but do not require the <br />use of current funds,. and are not included in the change in the fund balances. <br /> <br />Governmental activities - compensated absences payable <br /> <br />Internal Service Funds are used to charge the cost of certain activities, such as <br />insurance to Individual Funds. This amount represents the change in net assets of <br />the Internal Service Fund, which is reported with governmental activities. <br /> <br />Change in net assets - governmental activities <br /> <br />See notes to basic financial statements <br /> <br />-19- <br /> <br />$ 2,228,323 <br /> <br />28,846,074 <br />(24,878,301) <br />(1,907,854) <br /> <br />(1,735,000) <br /> <br />2,622,000 <br /> <br />(2,903) <br /> <br />853,207 <br /> <br />(70,527) <br /> <br />5,574 <br /> <br />$ 5,960,593 <br />