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CITY OF PEQUOT LAKES, MINNESOTA <br />RECONCILIATION OF THE BALANCE SHEET – GOVERNMENTAL FUNDS <br />TO THE STATEMENT OF NET POSITION <br />Total Fund Balance for Governmental Funds 6,624,977$ <br />Amounts reported for governmental activities in the Statement of Net Position <br />are different because: <br />Capital assets (net of accumulated depreciation of $5,997,199) used in <br />governmental activities are not financial resources and, therefore, <br />are not reported in the funds: 8,899,524 <br />Other long-term assets are not available to pay for current-period <br />expenditures and, therefore, are reported as unavailable in the funds: <br />Taxes Receivable 136,948$ <br />Special Assessments Receivable 19,765 <br />156,713 <br />Interest payable on long-term debt does not require current financial <br />resources and, therefore, is not reported as a liability in the governmental <br />funds Balance Sheet: (8,349) <br />Long-term liabilities are not due and payable in the current period and, <br />therefore, they are not reported in the governmental funds Balance Sheet: <br />Compensated Absences (40,171) <br />Long-term Debt Due Within One Year (80,504) <br />Long-term Debt Due In More Than One Year (405,498) <br />(526,173) <br />The net OPEB liability and related deferred inflows/outflows of resources <br />represent the present value of projected unfunded future postemployment <br />benefits other than pensions, as determined by an actuary as of the most <br />recent measurement date. Such liability and related balances do not <br />represent the impending use of current financial resources and, therefore, <br />are not reported in the funds: <br />Net OPEB Liability (134,049) <br />Deferred Inflows - OPEB (4,730) <br />(138,779) <br />The net pension asset/liability and related deferred inflows/outflows of <br />resources represent the allocation of pension obligations to the City. <br />Such balances are not reported in the funds: <br />Net Pension Asset 480,160 <br />Net Pension Liability (610,891) <br />Deferred Outflows - Pensions 490,200 <br />Deferred Inflows - Pensions (711,255) <br />(351,786) <br />TOTAL NET POSITION OF GOVERNMENTAL ACTIVITIES 14,656,127$ <br />DECEMBER 31, 2019 <br />See accompanying notes. 16