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Total net change in fund balances - Governmental Funds $ 3,800,293 <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 8,872,694 <br />Allocation of completed construction, transfers to Enterprise Funds & disposals (4,776,915) <br />Depreciation expense (2,133,570) <br />Repayment of long -term liabilities is an expenditure in the Governmental Funds, but <br />the repayment reduces long -term liabilities in the Statement of Net Assets. 2,010,000 <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 />Govermmental activities — compensated absences payable (41,368) <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 <br />See notes to basic financial statements <br />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, 2008 <br />-19- <br />10,351 <br />1,222,533 <br />(59,964) <br />8,904,054 <br />