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Stonegate Village Metropolitan District <br />RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND <br />CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS <br />TO THE STATEMENT OF ACTIVITIES <br />For the Year Ended December 31, 2006 <br />Amounts reported for governmental activities in the Statement of Activities are different because: <br />Net Change in fund balances -Total governmental funds $ 5,205,612 <br />Goverxunental funds report capital outlays as expenditures. In the statement <br />of activities, capital outlay is not reported as an expenditure. However, the <br />statement of activities will report as depreciation expense the allocation of <br />the cost of any depreciable asset over the estimated useful lives of the asset. <br />During the current period depreciation exceeded capital outlays by this <br />amount (93,573) <br />The issuance of long-term debt (e.g., bonds, leases} provides current financial <br />resources to governmental funds, while the repayment of the principal of <br />long-term debt consumes the current financial resources of governmental <br />funds. Neither transaction, however has any effect on net assets. Also <br />governmental funds record the effect of issuance costs, premiums, discounts, <br />and similar items when debt is first issued as expenditures, whereas these <br />amounts are deferred and amortized in the statement of activities. The net <br />effect of these differences in the treatment of long-term debt and related <br />items is as follows: <br />Current year principal payments 31,335,000 <br />Bond refunding costs 298,350 <br />Bond proceeds (34,S7S,000) <br />Bond premium (1,940,977) <br />Bond premium amortization 8,526 <br />Bond issuance costs 383,127 <br />Bond issuance costs amortization (1,680) <br />Some expenses reported in the statement of activities do not require the use <br />of current financial resources and therefore, are not reported as expenditures <br />in gover~unental funds <br />Accrued interest on bonds -Change in liability 9,756 <br />Changes in net assets of governmental activities $ 629,141 <br />The Notes to Financial Statements are an integral part of these statements. <br />