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SOUTHEASTERN COLORADO WATER CONSERVANCY DISTRICT RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES YEAR ENDED DECEMBER 31, 2005 Amounts reported for governmental activities are different because: Total net change in fund balances -governmental funds $ (241,942) Capital outlays are reported in the governmental fund as expenditures; however, for governmental activities these costs are shown in the statement of net assets and allocated over their estimated useful lives as depreciation expense. This is the amount by which depreciation expense exceeds capital outlay. Capital outlay 82,386 Depreciation expense (111,778) (29,392) In the statement of activities, net revenues received by the Bureau of Reclamation from other entities are reported as program revenues since these net revenues reduce the District's contract obligation. However, these net revenues do not represent current financial resources and thus are not reported in the fund. 1,850,893 The governmental fund reports the repayment of principal on the contract obligation as an expenditure. Under the terms of the contract with the Bureau of Reclamation, certain portions of these payments are charged back to the District as interest and other charges and thus are not considered in determining the amount of the liability under the contract. The net effect of these differences is as follows: Principal payments on contract obligation 5,528,724 Interest expense (741,908) OM&R charges to District (932,556) 3,854,260 In the statement of activities, compensated absences are measured by the amounts earned during the year. In the governmental fund, however, expenditures for these items are measured by the amounts actually paid. This year the amount earned ($92,762) exceeded amounts paid ($32,102) (60,660) Change in net assets -governmental activities $ 5,373,159 The accompanying notes are an integral part of this statement -13-