The City of Madison, a general purpose government, reported fund balances in the amount of $24,300,000 in the governmental funds balance sheet dated December 31, 2018. In addition, the following information is relevant: A. General government fixed assets amounted to $37,000,000. Accumulated depreciation of those fixed assets amounted to $18,000,000. B. General long-term liabilities of the government amounted to $ 6,000,000. C. Property taxes, which should be recognized as receivables in the government-wide statements, amounted to $3,000,000. Property taxes recognized as receivables in the governmental funds balance sheet amounted to $2,000,000; the remainder had been deferred, in accord with modified accrual accounting D. Internal service funds net assets amounted to $6,000,000. These were reported in the proprietary funds balance sheet. E. Liabilities, in addition to the amount reported in the governmental funds balance sheet included: (1) accrued interest payable, $300,000; (2) compensated absences payable, $4,500,000. Prepare a reconciliation from the fund balances recognized in the governmental funds balance sheet to the net assets recognized in the governmental funds column of the government-wide statement of net assets.

Dec 31, 2018