Note 17 Restatement of Fund Balances/Retained Earnings
As of June 30, 2001, the beginning fund balances/retained
earnings for the following funds were restated as follows (amounts in
thousands):
|
|
|
|
|
Correction |
|
|
|
Balance |
|
|
of |
Balance |
|
|
6/30/00 |
|
|
Reported |
6/30/00 |
|
|
Previously |
Fund |
GASB |
Assets/ |
as |
|
Fund
|
Reported |
Reclass |
No. 33 |
Liabilities |
Restated |
|
General |
$ 554,915 |
$ - |
$ 228,712 |
$ (2,619) |
$ 781,008 |
|
Special Revenue: |
|
|
|
|
|
|
Enviroment. Prog. |
155,261 |
(1,536) |
- |
- |
153,725 |
|
Capital Projects: |
|
|
|
|
|
|
State Facilities |
(154,133) |
- |
- |
(39,117) |
(193,250) |
|
Enterprise: |
|
|
|
|
|
|
Rental Housing |
71,058 |
- |
- |
(6,334) |
64,724 |
|
John Demp. Hosp. |
|
|
|
|
|
|
( 9-30-00) |
76,118 |
- |
- |
(22,432) |
53,686 |
|
Internal Service: |
|
|
|
|
- |
|
Information/Tech. |
16,967 |
- |
- |
(61) |
16,906 |
|
Administrative Svc |
20,322 |
- |
- |
471 |
20,793 |
|
Expendable: |
|
|
|
|
|
|
Employment Security |
842,089 |
- |
77,514 |
- |
919,603 |
|
Other |
42,329 |
- |
- |
(1,819) |
40,510 |
|
Nonexpendable: |
|
|
|
|
|
|
Drinking Water |
- |
1,536 |
- |
49 |
1,585 |
|
Other |
36,569 |
- |
- |
(4,884) |
31,685 |
|
Higher Education |
|
|
|
|
|
|
Plant |
2,117,793 |
- |
- |
(99,447) |
2,018,346 |
The restatements were made because of the following reasons:
- The implementation of GASB Statement No. 33, "Accounting and
Financial Reporting for Nonexchange Transactions". This statement
requires that (a) taxes and other assessments should be recognized as revenues
in the period when the underlying exchange transactions has occurred and the
resources are available and (b) grants and other financial aid should be
recognized as revenue when all eligibility requirements imposed by the
provider have been met and the resources are available.
- A change in the reporting period used by John Dempsey Hospital from
September 30 to June 30 , which was implemented this year. Because the
combined financial statements for last year included John Dempsey Hospital's
financial statements as of September 30, 1999, the above restatement includes
an operating loss of $13,841 for the period September 30, 1999 through
September 30, 2000.
- The recording of accumulated depreciation of $138,186 in the Plant funds of
the Health Center (a higher education unit). In prior years, the Health Center
did not record depreciation in its Plant funds.
- The recognition of unexpended bond allotments as an interfund receivable
($38,739) and payable in the Plant
funds and in the State Facilities fund, respectively. In
prior years, unexpended bond allotments were not recognized in the combined
financial statements.
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