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Exhibit 4 <br />(continued) <br />City of Louisville <br />Reconciliation of the Statement of Revenues, <br />Expenditures, and Changes in Fund Balances of Governmental Funds <br />to the Statement of Activities <br />For the Year Ended December 31, 2014 <br />Net change in fund balances - total governmental funds $ (3,631,428) <br />Amounts reported for governmental activities in the statement of net activities (Exhibit 2) are <br />different because: <br />Governmental funds report capital outlays as expenditures. However, in the statement of <br />activities the cost of those assets is allocated over their estimated useful lives and reported as <br />depreciation expense. This is the amount by which net capital outlays ($8,861,021) exceeded <br />depreciation ($3,538,082) in the current period. <br />Some expenses reported in the statement of activities do not require the use of current financial <br />resources and therefore are not reported as expenditures in governmental funds. <br />The issuance of bonds is revenue in the governmental funds, but increases long-term liabilities in <br />the statement of net position. This is the amount of additonal bonded debt. <br />Repayment of bond principal is an expenditure in the governmental funds, but the repayment <br />reduces long-term liabilities in the statement of net position. This is the amount of debt <br />repayments. <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 aggregate net <br />revenue of the internal service funds is reported with governmental activities. <br />5,322,939 <br />21,942 <br />(750,000) <br />575,000 <br />(536,127) <br />Change in net position of governmental activities $ 1,002,326 <br />The notes to the financial statements are an integral part of this statement. <br />31 <br />