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Exhibit 3 <br />(continued) <br />City of Louisville <br />Reconciliation of the Balance Sheet <br />to the Statement of Net Assets <br />December 31, 2008 <br />Balance sheet - total fund balances20,255,313 <br />Amounts reported for governmental activities in the statement of net <br />assets (Exhibit 1) are different because: <br />Capital assets (net of accumulated depreciation) used in governmental activities are <br />not financial resources and therefore are not reported in the funds. The amount is <br />$87,054,144 less the internal service funds of $633,364. 86,420,780 <br />Compensated absences are not recorded in government funds because they are not <br /> (555,580) <br />due and payable at year end. <br />Internal service funds are used by management to charge the costs of certain activities, <br />such as fleet, computer replacement and insurance to individual funds. The assets and <br />liabilities of certain internal service funds are included in governmental activities in the <br />statement of net assets. 2,922,346 <br />Some liabilities, including bonds payable ($8,005,000), premium on bonds payable <br />($46,834), cost of refunding debt $64,661 and bond issuance costs of $129,134 are not <br />included in governmental funds. Both the premium and the cost of refunding will be <br />amortized over the life of the bonds. <br />(7,858,039) <br />Net assets of governmental activities101,184,820$ <br />The notes to the financial statements are an integral part of this statement. <br /> <br />