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Exhibit 3 <br />(continued) <br />City of Louisville <br />Reconciliation of the Balance Sheet <br />to the Statement of Net Position <br />December 31, 2014 <br />Balance sheet - total fund balances $ 20,513,088 <br />Amounts reported for governmental activities in the statement of net position (Exhibit 1) are <br />different because: <br />Capital assets (net of accumulated depreciation) used in governmental activities are not financial <br />resources and therefore are not reported in the funds. The amount is $100,302,072 less the <br />internal service funds of $1,646,783. <br />98,655,289 <br />Compensated absences are not recorded in government funds because they are not due and <br />payable at year end. (855,986) <br />Internal service funds are used by management to charge the costs of certain activities, such as <br />fleet, computer replacement, and building maintenance to individual funds. The assets and <br />liabilities of the internal service funds are included in governmental activities in the statement of <br />net position. <br />Some liabilities, including bonds payable ($3,985,000) and premium on bonds payable ($13,738) <br />are not included in governmental funds. Both the premium and the cost of refunding will be <br />amortized over the life of the bonds. <br />2,576,154 <br />(3,998,738) <br />Net position of governmental activities $ 116,889,808 <br />The notes to the financial statements are an integral part of this statement. <br />29 <br />