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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) <br />D. Assets, Liabilities and Net Assets or Equity (Continued) <br />Comparative Data /Reclassifications <br />Comparative total data for the prior year have been presented in order to provide an <br />understanding of the changes in the financial position and operations. Also, certain amounts <br />presented in the prior year have been reclassified in order to be consistent with the current <br />year's presentation. <br />2. RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL STATEMENTS <br />Explanation of Certain Differences Between the Governmental Fund Balance Sheet and the <br />Government -wide Statement of Net Assets <br />The governmental fund balance sheet includes a reconciliation between fund balance — total <br />governmental funds and net assets — governmental activities as reported in the government -wide <br />statement of net assets. One element of that reconciliation explains, "Long -term liabilities, <br />including bonds payable, are not due and payable in the current period and therefore are not <br />reported in the funds." The details of this $75,204,077 difference are as follows: <br />General obligation bonds <br />$ 7114101000 <br />Accrued interest payable <br />110911697 <br />Capitalized lease obligations <br />681555 <br />Compensated absences <br />316811898 <br />Deferred charge for bond issuance costs <br />( 11048,073) <br />Net adjustment to reduce fund balance - total <br />governmental funds to arrive at net assets - <br />governmental activities $ 7512041077 <br />(continued) <br />32 <br />