| Reconciliation of Governmental Funds Balance Sheet | |||
| to the Statement of Net Assets | |||
| June 30, 2006 | |||
| Total Fund Balance - Governmental Funds | $3,109,273 | ||
| Net assets reported for governmental activities in the Statement of Net Assets | |||
| are different because: | |||
| Capital assets used in governmental activities are not financial resources | |||
| and therefore are not reported in the funds. These assets consist of: | |||
| Buildings | 2,766,854 | ||
| Equipment | 1,175,497 | ||
| Infrastructure | 12,481,408 | ||
| Other Capital Assets | 999,639 | ||
| Accumulated Depreciation | (7,719,130) | 9,704,268 | |
| Debt issue costs are recorded as expenditures in the funds. However, | |||
| these costs are deferred (reported as other assets) and amortized over the | |||
| life of the bonds in the Statement of Net Assets. | 55,785 | ||
| Some of the state's revenues will be collected after year-end but are not | |||
| available soon enough to pay for the current period's expenditures | |||
| and therefore are deferred in the funds. | 507,871 | ||
| Internal service funds are used by management to charge the costs of | |||
| certain activities to individual funds. The assets and liabilities of the internal | |||
| service funds are included in governmental activities in the Statement of | |||
| Net Assets. | (8,831) | ||
| Long-term liabilities are not due and payable in the current period and therefore | |||
| are not reported in the funds (Note 16). | |||
| Net Pension Obligation | (3,737,136) | ||
| Worker's Compensation | (344,274) | ||
| Capital Leases | (60,491) | ||
| Compensated Absences | (465,721) | ||
| Claims and Judgments | (18,418) | (4,626,040) | |
| Long-term bonded debt is not due and payable in the current period and | |||
| therefore is not reported in the funds. Unamortized premiums, loss on | |||
| refundings, and interest payable are not reported in the funds. However, | |||
| these amounts are included in the Statement of Net Assets. This is the net | |||
| effect of these balances on the statement (Note 16). | |||
| Economic Recovery Note | (146,090) | ||
| Bonds Payable | (13,305,494) | ||
| Unamortized Premiums | (516,109) | ||
| Less: Deferred Loss on Refundings | 248,934 | ||
| Accrued Interest Payable | (99,569) | (13,818,328) | |
| Net Assets of Governmental Activities | $(5,076,002) |
The accompanying notes are an integral part of the financial statements.