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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, 2014 <br />Total net change in fund balances — Governmental Funds S (3,722,997) <br />Amounts reported for governmental activities in the Statement of Activities are different <br />because: <br />Capital outlays are reported in Governmental Funds as expenditures. However, in the <br />Statement of Activities the cost of those assets is allocated over the estimated useful <br />lives as depreciation expense. <br />Capital outlays 3,688,952 <br />Disposals (8,802) <br />Depreciation expense (2,896,805) <br />Issuance of long-term debt provides current financial resources to governmental funds, <br />while repayment of long-term liabilities is an expenditure in the Governmental Funds. <br />Neither transaction, however, has any effect on net position. <br />Issuance of new debt (875,000) <br />Repayment of principal on long-term debt 4,475,000 <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 expenditure <br />in the funds when it is due, and thus requires the use of current financial resources. In <br />the Statement of Activities, however, interest expense is recognized as the interest <br />accrues, regardless of when it is due. 11,346 <br />Certain revenues (including delinquent taxes, special assessments, and notes <br />receivable) are included in the change in net position, but are excluded from the <br />change in fund balances until they are available to liquidate liabilities of the current <br />period. (236,347) <br />Certain expenses are included in the change in net position, 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 47,054 <br />Net other postemployment benefit obligations reported in the statement of activities do <br />not require the use of current financial resources and are not reported as expenditures <br />in governmental funds until actually due. (57,548) <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 position of the <br />Internal Service Fund, which is reported with governmental activities. 17,090 <br />Change in net position — governmental activities <br />See notes to basic financial statements <br />Page 49 <br />$ 441,943 <br />