Agenda - Council Work Session - 06/28/2016

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CITY OF RAMSEY Reconciliation of the Balance Sheet to the Statement of Net Position Governmental Funds December 31,2015 Total fund balances—Governmental Funds $ 38,737,375 Amounts reported for governmental activities in the Statement of Net Position 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 91,830,053 Less accumulated depreciation (25,078,364) 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 (28,370,000) Compensated absences payable (777,297) Net Pension Liability (4,599,377) Certain revenues (including delinquent taxes and special assessments) are included in net position, but are excluded from fund balances until they are available to liquidate liabilities of the current period. 853,444 Accrued interest payable is included in net position, but is excluded from fund balances until due and payable. (87,509) Net other postemployment benefit obligations reported in the statement of net position do not require the use of current financial resources and are not reported as liabilities in governmental funds until actually due. (459,572) Governmental funds do not report certain amounts related to pensions. Deferred outflows of resources for pension plan deferments 949,100 Deferred inflows of resources for pension plan deferments (532,988) Internal Service Funds are used to manage insurance-related activity. The assets and liabilities of the Internal Service Funds (including capital assets) are included in governmental activities in the Statement of Net Position. 474,936 Total net position—governmental activities $ 72,939,801 See notes to basic financial statements 45