Reconciliation of the Statement of Revenues, Expenditures and Changes | ||
in Fund Balances of Governmental Funds to the Statement of Activities | ||
June 30, 2003 | ||
(Expressed in Thousands) | ||
Net Change in Fund Balances - Total Governmental Funds | $30,490 | |
Amounts reported for governmental activities in the Statement of Activities | ||
are different because: | ||
Bond proceeds provide current financial resources to governmental funds. However, | ||
issuing debt increases long term-liabilities in the Statement of Net Assets. Bond | ||
proceeds were received this year from: | ||
Bonds Issued | (1,804,145) | |
Refunding Bonds Issued | (745,669) | |
Premium on Bonds Issued | (124,606) | (2,674,420) |
Repayment of long-term debt is an expenditure in the governmental funds, but the | ||
repayment reduces long-term liabilities in the Statement of Net Assets. Long-term debt | ||
repayments this year consisted of: | ||
Principal Retirement | 904,658 | |
Payments to Refunded Bond Escrow Agent ($4,668 reported in debt service) | 781,265 | |
Capital Lease Payments | 9,985 | 1,695,908 |
Capital outlays are reported as expenditures in the governmental funds. However, in the | ||
Statement of Activities the cost of those assets is allocated over their estimated useful | ||
lives and reported as depreciation expense. In the current period, these amounts are: | ||
Capital Outlays | 1,047,212 | |
Depreciation Expense | (639,576) | 407,636 |
Some capital assets acquired this year were financed with capital leases. The amount | ||
financed by leases is reported in the governmental funds as a source of financing, but | ||
lease obligations are reported as long-term liabilities on the Statement of Net Assets. | (1,077) | |
Inventories are reported as expenditures in the governmental funds when purchased. | ||
However, in the Statement of Activities the cost of these assets is recognized when those | ||
assets are consumed. This is the amount by which consumption exceeded purchases of | ||
inventories. | (1,524) | |
Some expenses reported in the Statement of Activities do not require the use of current | ||
financial resources and therefore are not reported as expenditures in governmental | ||
funds. These activities consist of: | ||
Decrease in Accrued Interest | 1,106 | |
Increase in Interest Accreted on Capital Appreciation Debt | (5,929) | |
Amortization of Bond Premium | 14,099 | |
Amortization of Loss on Debt Refundings | (9,231) | |
Increase in Compensated Absences Liability | (6,787) | |
Increase in Workers Compensation Liability | (20,462) | |
Decrease in Claims and Judgements Liability | 113 | |
Increase in Net Pension Obligation | (139,248) | (166,339) |
Because some revenues will not be collected for several months after the state's fiscal | ||
year ends, they are not considered "available" revenues and are deferred in the | ||
governmental funds. Deferred revenues decreased by this amount this year. | (46,708) | |
Internal service funds are used by management to charge the costs of certain activities, | ||
such as insurance and telecommunications, to individual funds. The net revenue | ||
(expense) of internal service funds is reported with the governmental activities. | 1,106 | |
Debt issue costs are recorded as expenditures in the govenmental funds. However, | ||
these costs are amortized over the life of the bonds in the Statement of Activities. | ||
In the current year, these amounts are: | ||
Debt Issue Costs Payments | 14,069 | |
Amortization of Debt Issue Costs | (1,550) | 12,519 |
Change in Net Assets of Governmental Activities | $(742,409) |
The accompanying notes are an integral part of the financial statements.