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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, 2005 <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 bends 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 />$ 44,138,949 <br /> <br />35,771,354 <br />&,292,898) <br /> <br />(32,997,000) <br /> (463,608) <br /> <br />7,901,086 <br /> <br />(631,501) <br /> <br /> 402.535 <br />$ 49,828,917 <br /> <br />See notes to basic financial statements <br /> <br />-16- <br /> <br /> <br />