Note 2 Budgetary Basis vs. GAAP
The following is a reconciliation of the net change in fund balances as reported in the budgetary and GAAP basis of accounting statements of revenues, expenditures, and changes in fund balances (amounts in thousands):
General | Transportation | |
---|---|---|
Fund | Fund | |
Net change in fund balances (budgetary basis) | $ (96,615) | $ (56,734) |
Adjustments: | ||
Increases (decreases) in revenue accruals: | ||
Receivables and Other Assets | (78,949) | (4,429) |
(Increases) decreases in expenditure accruals: | ||
Accounts Payable and Other Liabilities | 59,619 | 7,381 |
Salaries and Fringe Benefits Payable | 8,706 | 492 |
Proceeds of Recovery Notes | 222,388 | - |
Increases (decreases) in continuing appropriations | (81,977) | (8,326) |
Net change in fund balances (GAAP basis) | $ 33,172 | $ (61,616) |
The major differences between the budgetary (legal) and the GAAP (generally accepted accounting principles) basis of accounting as reconciled above are as follows: