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CITY OF SUNNY ISLES BEACH, FLORIDA <br />RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND <br />CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE <br />STATEMENT OF ACTIVITIES <br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 <br />Net Change in Governmental Funds $ 6,014,106 <br />Amounts reported for governmental activities in the statement <br />of activities are different because: <br />Governmental funds report capital outlays as expenditures. However, in <br />the statement of activities, the cost of those assets are depreciated/amortized <br />over their estimated useful lives. <br />Capital outlay $ 11,354,639 <br />Capital outlay which did not meet the threshold for capitalization (698,799) <br />Loss of disposal in construction in progress (137,565) <br />Net book value of asset disposals (38,241) <br />Less depreciation/amortization expense (6,917,866) 3,562,168 <br />The issuance of long-term debt (e.g., bonds and notes, leases, etc.) provides <br />current financial resources to governmental funds, while repayment of <br />the principal of long-term debt consumes the current financial resources <br />of governmental funds. Neither transaction has any effect on net position. <br />Also, governmental funds report the effect of premiums, discounts <br />and similar items when debt is first issued, whereas those amounts are <br />deferred and amortized in the statement of activities. <br />Principal payments <br />2,936,679 <br />Leases (Right -of -use assets) <br />(22,648) <br />Leases (Right -of -use assets) payments <br />22,133 <br />Subscriptions (Right -of -use assets) <br />(1,446,497) <br />Subscriptions (Right -of -use assets) payments <br />392,385 <br />Amortization of deferred gain on refunding <br />56,758 1,938,810 <br />Some expenses reported in the statement of activities are not reported in <br />the governmental funds because they have no effect on current <br />financial resources. <br />Accrued interest payable <br />31,492 <br />Net pension liability <br />(5,259,982) <br />Total OPEB liability <br />(12,834) <br />Compensated absences <br />(575,870) (5,817,194) <br />Revenues in the statement of activities that do not provide current financial <br />resources are not reported as revenues in the governmental funds. 28,450 <br />Change in Net Position of Governmental Activities $ 5,726,340 <br />The accompanying notes to basic financial statements are an integral part of these statements. <br />22 <br />