Part 1

City of New Port

Conversion of Governmental Funds Balance Sheet to the Statement of Net Position

December 30th, 2021

All governmental funds' fund balances

$ 14,000,000

Deferred revenues related to property taxes

3,000,000

Accrued interest on long-term liabilities

2,200,000

General capital assets

11,000,000

Accumulated depreciation on general capital assets

4,000,000

General long-term liabilities:

Bonds payable for capital assets

5,500,000

Compensated absences payable

3,000,000

Internal service fund serving governmental activities:

Net position

3,000,000

Capital assets, net of accumulated depreciation

1,500,000

Capital-related liabilities

600,000

Prepare the reconciliation of total fund balance to net position for governmental activities and for the City of New Port, given the provided information.