CITY OF MYRTLE BEACH, SOUTH CAROLINA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS June 30, 2010
Total Fund Balances - Total Governmental Funds
Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds.
Other long-term assets are not available to pay for current-period expenditures and, therefore, are deferred in the funds.
Internal service funds are used by management to charge the costs of fleet management and insurance to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net assets.
Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the funds.
Net Assets of Governmental Activities
The accompanying notes are an integral part of the financial statements.