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CITY OF RAMSEY Reconciliation of the Balance Sheet to the Statement of Net Assets Governmental Funds December 31, 2009 Total fund balances - Governmental Funds Amounts reported for governmental activities III the Statement of Net Assets are different because: Capital assets used in governmental activIties are not financial resources and therefore are not reported as assets in Governmental Funds. Cost of capital assets Less accumulated depreciation Long-term liabilities are not due and payable in the current period and therefore are not reported as liabilities in the funds. Long-term liabilities at year-end consist of: Bonds and capital equipment certificates Compensated absences payable Certain revenues (including delinquent taxes and special assessments) are included in net assets, but are excluded from fund balances until they are available to liquidate liabilities of the current period. Accrued interest payable is included III net assets, but IS excluded from fund balances until due and payable. Net other postemployment benefit obligation reported in the statement of net assets do not require the use of current financial resources and are not reported as liabilities in governmental funds until actually due. Internal Service Funds are used by management to charge the costs of employee benefits to individual funds, The assets and liabilities of the Internal Service Funds (including capital assets) are included in governmental activities in the Statement of Net Assets. Total net assets - governmental activities See notes to basic financial statements -16- $ 41,009,695 68,570,250 (10,408,281 ) (27,265,000) (726,607) 2,006,784 (74,879) (70,231 ) 378,053 $ 73,419,784