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CITY OF RAMSEY <br /> <br />Reconciliation of the Balance Sheet <br />to the Statement of Net Assets <br />Governmental Funds <br /> December 31, 2004 <br /> <br />Total fund balances - Governmental Funds <br /> <br />Amounts reported for governmental activities in the Statement of Net Assets are <br />different because: <br /> <br />Capital assets used in governmental activities are not financial resources and <br />therefore are not reported as assets in Governmental Funds. Cost of capital assets <br /> Less accumulated depreciation <br /> <br />Long-term liabilities, including bonds payable, are not due and payable in the <br />current period and therefore are not reported as liabilities in the funds. <br />Long-term liabilities at year-end consist off <br /> Bonds and capital equipment certificates <br /> Compensated absences payable <br /> <br />Certain revenues (including delinquent taxes and special assessments) are included <br />in net assets, but are excluded from fund balances until they are available to <br />liquidate liabilities of the current period. <br /> <br />Accrued interest payable is included in net assets, but is excluded from fund <br />balances until due and payable. <br /> <br />Internal Service Funds are used by management to charge the costs of employee <br />benefits to Individual Funds. The assets and liabilities of the Internal Service Funds <br />(including capital assets) are included in governmental activities in the Statement of <br />Net Assets. <br /> <br />Total net assets - governmental activities <br /> <br />$ 25,831,512 <br /> <br />20,115,582 <br />(3,826,006) <br /> <br />(11,646,000) <br /> (407,119) <br /> <br />856,549 <br /> <br />(110,607) <br /> <br /> 388,733 <br />$ 31,202,644 <br /> <br />See notes to basic financial statements <br /> <br />-16- <br /> <br /> <br />