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CITY OF ORONO
<br />RECONCILIATION OF THE BALANCE SHEET TO THE
<br />STATEMENT OF NET POSITION
<br />GOVERNMENTAL ACTIVITIES
<br />DECEMBER 31, 2015
<br />
<br />
<br />
<br />See accompanying Notes to Basic Financial Statements.
<br />(22)
<br />
<br />Total Fund Balances for Governmental Funds 11,038,876$
<br />Land 7,055,379$
<br />Construction in Progress 881,371
<br />Buildings and Building Improvements 9,133,280
<br />Improvements Other than Buildings 2,255,085
<br />Streets and Infrastructure 7,054,565
<br />Equipment and Furniture 3,476,352
<br />Total Capital Assets 29,856,032
<br />Less: Accumulated Depreciation (5,817,111) 24,038,921
<br />53,768
<br />(120,556)
<br />-
<br />Net Pension Liability (3,701,933)
<br />Deferred Inflows of Resources - Pensions (677,729)
<br />Deferred Outflows of Resources - Pensions 783,881 (3,595,781)
<br />Bonds Payable (9,610,000)
<br />Unamortized Premiums (141,699)
<br />Capital Lease Payable (11,812)
<br />Other Postemployment Benefits (273,616)
<br />Compensated Absence Payable (444,350) (10,481,477)
<br />912,832
<br />Total Net Position of Governmental Activities 21,846,583$
<br />Total net position reported for governmental activities in the statement of net position is
<br />different because:
<br />Interest on long-term debt is not accrued in governmental funds, but rather is recognized
<br />as an expenditure when due. Accrued interest for general obligation bonds is included in
<br />the statement of net position.
<br />Capital assets used in governmental funds are not financial resources and, therefore, are
<br />not reported in the funds. Those assets consist of:
<br />Internal service funds are used by management to charge the costs of employee benefits
<br />and vehicle maintenance to individual funds. The assets and liabilities of the internal
<br />service funds are included in governmental activities in the statement of net position.
<br />The City’s net pension liability and related deferred inflows and deferred outflows are
<br />recorded only on the Statement of Net Position. Balances at year end are:
<br />Some of the City's receivables, including property taxes and special assessments, will be
<br />collected after year-end, but are not available soon enough to pay for the current period's
<br />expenditures and, therefore, are reported as deferred inflows of resources in the
<br />governmental funds.
<br />Long-term liabilities that pertain to governmental funds, including bonds payable, are not
<br />due and payable in the current period and, therefore, are not reported as fund liabilities. All
<br />liabilities - both current and long term - are reported in the statement of net position.
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