See accompanying notes to financial statements. VILLAGE OF GRAFTON Ozaukee County, Wisconsin Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position As of December 31, 2016 Total fund balance of governmental funds $ 9,887,994 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental funds are not financial resources and therefore are not reported in the funds. Land and construction in progress 12,899,460 Intangible assets 407,071 Other capital assets net of accumulated depreciation 44,498,724 Other long-term assets are not available to pay for current-period expenditures and therefore are unavailable in the funds. Special assessments receivable 123,872 The net pension liability does not relate to current financial resources and is not reported in the governmental funds. (574,471) Deferred outflows/inflows (net) of resources related to pensions do not related to current financial resources and are not reported in the governmental funds. 2,006,987 Debt issuance premiums and discounts, and gains or losses on refundings of debt, are recorded as other financing sources and uses, and expenditures, respectively, in the funds in the period they are incurred, but are deferred and amortized over the life of the associated debt in the statement of net position. Unamortized debt premiums and discounts (391,644) Unamortized debt refunding losses 1,230,057 Some liabilities, including long-term debt, are not due and payable in the current period and therefore are not reported in the funds. Bonds and promissory notes payable (31,788,456) Landfill post-closure liability (229,140) Compensated absences (430,079) Accrued interest payable (76,366) Net Position of Governmental Funds $ 37,564,009 32