Reconciliation of Governmental Funds Balance Sheet | |||
to the Statement of Net Assets | |||
June 30, 2007 | |||
Total Fund Balance - Governmental Funds | $3,263,290 | ||
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 | 2,785,552 | ||
Equipment | 1,265,024 | ||
Infrastructure | 12,934,311 | ||
Other Capital Assets | 1,278,406 | ||
Accumulated Depreciation | (8,364,465) | 9,898,828 | |
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. | 58,695 | ||
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. | 514,762 | ||
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. | (14,502) | ||
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 | (3,827,916) | ||
Worker's Compensation | (382,128) | ||
Capital Leases | (56,244) | ||
Compensated Absences | (469,041) | ||
Claims and Judgments | (7,580) | (4,742,909) | |
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). | |||
Bonds Payable | (13,419,166) | ||
Unamortized Premiums | (539,893) | ||
Less: Deferred Loss on Refundings | 238,069 | ||
Accrued Interest Payable | (100,811) | (13,821,801) | |
Net Assets of Governmental Activities | $(4,843,637) |
The accompanying notes are an integral part of the financial statements.