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CITY OF RAMSEY <br />Reconciliation of the Statement of <br />Revenues, Expenditures, and Changes in Fund Balances <br />to the Statement of Activities <br />Governmental Funds <br />Year Ended December 31, 2010 <br />Total net change in fund balances — Governmental Funds $ (2.594.704) <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 6,353,954 <br />Contributed assets to other governments and enterprise funds (2,517,322) <br />Disposals (11,603) <br />Depreciation expense (2,155,186) <br />Issuance of long -term debt provides current financial resources to governmental <br />funds, while repayment of long -term liabilities is an expenditure in the <br />Governmental Funds. Neither transaction, however, has any effect on net assets. <br />Repayment of principal on long -term debt 2,235,000 <br />Interest on long -teuu 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 (15,604) <br />Net other postemployment benefit obligation reported in the statement of activities <br />do not require the use of current financial resources and are not reported as <br />expenditures in governmental funds until actually due. <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 />- 39 - <br />5,978 <br />(140,647) <br />(71,586) <br />13,954 <br />$ 1,102,234 <br />