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5.1. 2019 FINAL Audited Financial Statements
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5.1. 2019 FINAL Audited Financial Statements
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Net Change in Fund Balances - Total Governmental Funds 154,082$ <br />Amounts reported for governmental activities in the Statement <br />of Activities are different due to the following: <br />Governmental funds report capital outlays as expenditures while <br />governmental activities report depreciation expense to alocate <br />those expenditures over the life of the assets: <br />Capital Outlay Capitalized 358,721$ <br />Net Loss on the Disposal of Assets (5,466) <br />Depreciation Expense (557,064) <br />(203,809) <br />Revenues in Statement of Activities that do not provide current <br />financial resources are not reported as revenues in the funds: <br />Change in Long-term Receivables 39,453 <br />Proceeds from the issuance of long-term debt is an other financing <br />source in the governmental funds, while repayment of debt principal <br />is an expenditure in the governmental funds. However, neither <br />transaction has any effect on net position: <br />Debt Principal Payments 117,508 <br />Net change in accrued interest on bonds is not reported as expenses <br />in the funds:1,356 <br />Some expenses reported in the Statement of Activities do not require <br />the use of current financial resources and, therefore, are not <br />reported as expenditures in governmental funds: <br />Change in Accrued Compensated Absences 5,922 <br />Certain liabilities do not represent the impending use of current <br />financial resources. Therefore, the change in such liabilities and <br />related deferrals are not reported in the governmental funds: <br />Net OPEB Liability and Deferred Outflows/Inflows of Resources (27,875) <br />Net Pension Liability and Deferred Outflows/Inflows of Resources 78,227 <br />50,352 <br />CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 164,864$ <br />CITY OF PEQUOT LAKES, MINNESOTA <br />RECONCILIATION OF CHANGES IN FUND BALANCE OF GOVERNMENTAL FUNDS <br />FOR THE YEAR ENDED DECEMBER 31, 2019 <br />TO THE STATEMENT OF ACTIVITIES <br />See accompanying notes. 18
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