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CITY OF RAMSEY <br />Reconciliation of the Balance Sheet <br />to the Statement of Net Assets <br />Governmental Funds <br />December 31, 2008 <br />Total fund balances -- Governmental Funds $ 34,558,463 <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 64,701,868 <br />Less accumulated depreciation (8,651,392) <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 (29,355,000) <br />Compensated absences payable (639,462) <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. 9,693,114 <br />Accrued interest payable is included in net assets, but is excluded from fund <br />balances until due and payable. (101,343) <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. 372,289 <br />Total net assets — governmental activities $ 70,578,537 <br />See notes to basic financial statements <br />-16- <br />