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Total fund balances -- Governmental Funds $ 28,529,847 <br />Amounts reported for governmental activities in the Statement of Net Assets are <br />different because: <br />Capital assets used in governmental activities are not financial resources and <br />therefore are not reported as assets in Governmental Funds. <br />Cost of capital assets 57,239,398 <br />Less accumulated depreciation (5,211,050) <br />Long -term liabilities, including bonds payable, are not due and payable in the <br />current period and therefore are not reported as liabilities in the funds. <br />Long -term Liabilities at year -end consist of: <br />Bonds and capital equipment certificates (32,252,000) <br />Compensated absences payable (527,567) <br />Certain revenues (including delinquent taxes and special assessments) are included <br />in net assets, but are excluded from fund balances until they are available to <br />liquidate liabilities of the current period. <br />Accrued interest payable is included in net assets, but is excluded from fund <br />balances until due and payable. ( 108,791) <br />Internal Service Funds are used by management to charge the costs of employee <br />benefits to individual funds. The assets and liabilities of the Internal Service Funds <br />(including capital assets) are included in governmental activities in the Statement of <br />Net Assets. <br />Total net assets -- governmental activities $ 55,713,890 <br />See notes to basic financial statements <br />CITY OF RAMSEY <br />Reconciliation of the Balance Sheet <br />to the Statement of Net Assets <br />Governmental Funds <br />December 31, 2006 <br />-16- <br />7,617,3 74 <br />426,679 <br />