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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 /> DECEMBER 31,2022 <br /> Total Fund Balances-Governmental Funds $ 6,186,882 <br /> Amounts reported for governmental activities in the Statement of Net Position <br /> are different because: <br /> Capital assets used in governmental activities are not current financial resources <br /> and,therefore,are not reported as assets in governmental funds: <br /> Capital Assets $ 18,081,808 <br /> Accumulated Depreciation (7,542,912) <br /> Capital Assets(Net) 10,538,896 <br /> Long-term liabilities are not due and payable in the current period and,therefore, <br /> are not reported as liabilities in the governmental funds: <br /> Bond Principal Payable (1,410,644) <br /> Compensated Absences (57,390) <br /> (1,468,034) <br /> The net OPEB liability represents the present value of projected unfunded future <br /> postemployment benefits other than pensions,as determined by an actuary as <br /> of the most recent measurement date. Such liability and related balances do not <br /> represent the impending use of current financial resources and,therefore,are <br /> not reported in the governmental funds: <br /> Net OPEB Liability (92,517) <br /> Deferred Outflows-OPEB 6,257 <br /> Deferred Inflows-OPEB (59,515) <br /> (145,775) <br /> The net pension asset/liability and related deferred outflows/inflows represent the <br /> allocation of pension obligations to the City. Such balances are not reported in the <br /> governmental funds: <br /> Net Pension Liability (1,660,901) <br /> Deferred Outflows-Pensions 1,029,232 <br /> Deferred Inflows-Pensions (59,427) <br /> (691,096) <br /> Interest on long-term debt is recognized as an expenditure when due and payable <br /> in the governmental funds. Therefore,interest is not accrued in the governmental <br /> funds Balance Sheet,but is accrued in the Statement of Net Position: (17,349) <br /> Joint Venture Investments reported in governmental activities are not current <br /> financial resources and,therefore,are not reported in the governmental funds. 336,634 <br /> Other long-term assets are not available to pay for current-period expenditures and, <br /> therefore,are reported as unavailable in the governmental funds: <br /> Property Taxes 68,049 <br /> Special Assessments 8,302 <br /> Other Receivables 5,000 <br /> 81,351 <br /> TOTAL NET POSITION OF GOVERNMENTAL ACTIVITIES $ 14,821,509 <br /> See accompanying notes. 22 <br />