Agenda - Council Work Session - 06/14/2022

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CITY OF RAMSEY Reconciliation of the Balance Sheet to the Statement of Net Position Governmental Funds December 31,2021 Total fund balances—Governmental Funds $ 46,751,006 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. Net book value of capital assets 84,205,527 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 (26,305,000) Unamortized bond premiums (795,714) Compensated absences payable (1,113,049) Net pension liability (4,128,461) Total OPEB liability (563,334) Certain revenues (including long-term receivables, 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. 2,880,507 Accrued interest payable is included in net position, but is excluded from fiend balances until due and payable. (75,700) Governmental funds do not report certain amounts related to pensions and OPEB: Deferred outflows of resources for OPEB plan deferments 87,802 Deferred outflows of resources for pension plan deferments 5,479,282 Deferred inflows of resources for OPEB plan deferments (325,258) Deferred inflows of resources for pension plan deferments (6,614,912) Internal Service Funds are used to manage insurance-related activity. The assets and liabilities of the Internal Service Funds are included in governmental activities in the Statement of Net Position. 467,903 Total net position—governmental activities $ 99,950,599 See notes to basic financial statements 45