Reconciliation of the Statement of Revenues, Expenditures and Changes | ||||
in Fund Balances of Governmental Funds to the Statement of Activities | ||||
June 30, 2004 | ||||
(Expressed in Thousands) | ||||
Net Change in Fund Balances - Total Governmental Funds | $ 426,379 | |||
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 | (1,395,545) | |||
Refunding Bonds Issued | (1,961,040) | |||
Premium on Bonds Issued | (269,058) | (3,625,643) | ||
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 | 965,313 | |||
Payments to Refunded Bond Escrow Agent ($25,100 reported in debt service) | 2,171,568 | |||
Capital Lease Payments | 14,227 | 3,151,108 | ||
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 | 690,099 | |||
Depreciation Expense | (654,603) | 35,496 | ||
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. | ||||
(4,657) | ||||
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 | 5,510 | |||
Decrease in Interest Accreted on Capital Appreciation Debt | 8,835 | |||
Amortization of Bond Premium | 26,234 | |||
Amortization of Loss on Debt Refundings | (16,865) | |||
Increase in Compensated Absences Liability | (23,210) | |||
Increase in Workers Compensation Liability | (11,036) | |||
Increase in Claims and Judgments Liability | (5,571) | |||
Increase in Net Pension Obligation | (183,757) | (199,860) | ||
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 increased by this amount this year. | ||||
17,857 | ||||
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. | ||||
(42,526) | ||||
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 | 24,356 | |||
Amortization of Debt Issue Costs | (2,822) | 21,534 | ||
Change in Net Assets of Governmental Activities | $ (220,312) |
The accompanying notes are an integral part of the financial statements.