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CITY OF MONTE VISTA, COLORADO <br /> RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES, <br /> AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS <br /> TO THE STATEMENT OF ACTIVITIES <br /> For the Year Ended December 31,2011 <br /> I <br /> Net change in fund balances-total governmental funds $ (63,501) <br /> Amounts reported for governmental activities in the statements of <br /> activities are different because: <br /> Governmental funds report capital outlays as expenditures. However,in the <br /> statements of activities the cost of those assets is allocated over their <br /> estimated useful lives and reported as depreciation expense. This is the <br /> amount by which depreciation exceeded capital outlays in the current period. <br /> Fixed asset additions $ 1,346,840 <br /> Depreciation expense (564,716) <br /> Excess of capital outlay over depreciation 782,124 <br /> Debt proceeds provide current financial resources to governmental funds, <br /> but issuing debt increases long-term liabilities in the statement of net <br /> assets. Repayment of debt principal is an expenditure in the governmental <br /> funds,but the repayment reduces long-term liabilities in the statement of <br /> net assets. Repayment of principal include: <br /> Bond Issuance Costs (1,720) <br /> Bond Principal Payments 125,000 <br /> Notes Payable Proceeds (235,475) <br /> Notes Payable Principal Payments 50,662 <br /> 1 (61,533) <br /> Some expenses reported in the Statement of Activities do not require the <br /> use of current financial resources and therefore are not reported as <br /> expenditures in governmental funds. <br /> Compensated Absences 7,948 <br /> Change in net assets of governmental funds $ 665,038 <br /> i <br /> 1 <br /> I <br /> I <br /> I <br /> The accompanying notes are an integral part of this financial statement. <br /> 21 <br />