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CITY OF SOUTH BEND <br />BALANCE SHEET <br />GOVERNMENTAL FUNDS <br />December 31, 2006 <br />(Continued) <br />W <br />Amounts reported Tor govammental activities in the statement of net assets ere d'RFerent because: <br />Capital assets used in govammental activities are not financial resources and, <br />therefore, are not reported in Me funds. <br />Prepaid expenses ($8,166) and Deferted debRs ($1,337,273) are not available to pay for <br />wrrent period expenditures and, therefore ere deferred in the funds. <br />Intemel service funds are used by management to charge the vests of certain services <br />to individual funds. The assets and liabilities of the intemal service funtls are included in <br />govammental activties in the statement of net assets. <br />Long-term liabil%iea, including bonds payable, ere not due and payable in the cement period <br />and, therefore, era not reported in Ne funds: <br />Deferted revenues <br />Bonds payable <br />Less: Deferred charge an refunding (to be amortized <br />es interest expense) <br />Lass: Issuance discount or (premium) (to be amortized <br />as interest expense) <br />Capital leases payable <br />Notes payable <br />Net pension obligation <br />Short-term liabilities that are rmt recognized in govammental funds until due: <br />Acwed interest payable <br />Compensated absences payable <br />Net assets of govammental activities <br />Totals <br />279,615,833 <br />1,345,441 <br />5,929,644 <br />6,628,594 <br />(109,782,124) <br />730,306 <br />(219,492) <br />(3,533,187) <br />(11,758,552) <br />(63,408,N4) <br />(2,190,559) <br />(4,613,447) <br />$ 238,635,255 <br />Tire notes to the fnancial statements are an integral part of this statement. <br />