| Reconciliation of Governmental Funds Balance Sheet | |||||
| to the Statement of Net Assets | |||||
| June 30, 2004 | |||||
| (Expressed in Thousands) | |||||
| Total Fund Balance - Governmental Funds | $ 1,969,782 | ||||
| Net assets reported for governmental activities in the Statement of Net Assets are different because: | |||||
| Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. These assets consist of: | |||||
| Buildings | 2,756,332 | ||||
| Equipment | 1,138,144 | ||||
| Infrastructure | 11,290,148 | ||||
| Other Capital Assets | 1,260,843 | ||||
| Accumulated Depreciation | (6,870,548) | 9,574,919 | |||
| Debt issue costs are recorded as expenditures in the funds. However, these costs are deferred (reported as other assets) and amortized over the life of the bonds in the Statement of Net Assets. | 45,890 | ||||
| Some of the state's revenues will be collected after year-end but are not available soon enough to pay for the current period's expenditures and therefore are deferred in the funds. | 426,742 | ||||
| Internal service funds are used by management to charge the costs of certain activities to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the Statement of Net Assets. | (9,133) | ||||
| Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds (Note 16). | |||||
| Net Pension Obligation | (3,440,354) | ||||
| Worker's Compensation | (276,681) | ||||
| Capital Leases | (53,761) | ||||
| Compensated Absences | (365,559) | ||||
| Claims and Judgments | (13,183) | (4,149,538) | |||
| Long-term bonded debt is not due and payable in the current period and therefore is not reported in the funds. Unamortized premiums, loss on refundings, and interest payable are not reported in the funds. However, these amounts are included in the Statement of Net Assets. This is the net effect of these balances on the statement (Note 16). | |||||
| Economic Recovery Note | (273,215) | ||||
| Bonds Payable | (12,760,560) | ||||
| Unamortized Premiums | (457,491) | ||||
| Less: Deferred Loss on Refundings | 276,124 | ||||
| Accrued Interest Payable | (83,778) | (13,298,920) | |||
| Net Assets of Governmental Activities | $ (5,440,258) | ||||
The accompanying notes are an integral part of the financial statements.