The following formation has been provided for the City of Elizabeth for its fiscal year ended June 30, 2017. The information provided relates to financial information reported on the city's statement of net position and its total governmental funds balance. Revenues accrued' but unavailable to pay the current period expenditures Capital assets Accumulated depreciation on capital assets Accrued interest on bonds and long-term notes payable Bonds and long-term notes payable Unamortized premium on bonds payable Compensated absences Total governmental fund balances Total net position of governmental activities $361.800 640,200 354,000 1,500 174,800 1,000 13,900 158,600 615,400 Required Prepare reconciliation of the governmental fund balances to the net position of governmental activities. CITY OF ELIZABETH Reconciliation of the Balance Sheet-Governmental Funds to the Statement of Net Position June 30, 2017 Total fund balances-governmental funds Amounts reported for governmental activities in the statement of net position are different because Capital assets used in governmental activities are not financial resources and therefore are not reported by funds Other assets used in governmental activities are not financial resources and therefore are not reported by funds Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds Accrued interest payable is not due in the current period and therefore is not included in the funds. Net position of governmental activities