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CITY OF ° RAMSEY <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, 2006 <br />Total net change in fund balances — Governmental Funds $ (15,609,102) <br />Amounts reported for governmental activities in the Statement of Activities are <br />different because: <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 33,049,673 <br />Allocation of completed construction, transfers to Enterprise Funds & disposals (11,353,218) <br />Depreciation expense (1,146,563) <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. (1,035,000) <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. 1,780,000 <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 />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 />Certain expenses are included in the change in net assets, but do not require the use <br />of current funds, and are not included in the change in the fund balances. <br />Governmental activities -- compensated absences payable (63,959) <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 />Change in net assets governmental activities $ 5,884,973 <br />See notes to basic financial statements <br />-19- <br />522,710 <br />(283,712) <br />24,144 <br />