Reconciliation of the Statement of Revenues, Expenditures and Changes | ||
in Fund Balances of Governmental Funds to the Statement of Activities | ||
June 30, 2010 | ||
(Expressed in Thousands) | ||
Net Change in Fund Balances - Total Governmental Funds | $63,321 | |
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 | (2,617,910) | |
Refunding Bonds Issued | (344,105) | |
Premium on Bonds Issued | (189,469) | (3,151,484) |
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 | 1,238,055 | |
Payments to Refunded Bond Escrow Agent | 379,562 | |
Capital Lease Payments | 5,427 | 1,623,044 |
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 and | ||
other reductions were as follows: | ||
Capital Outlays | 1,289,114 | |
Depreciation Expense | (888,234) | |
Retirements | (549) | 400,331 |
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. | (9,108) | |
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: | ||
Increase in Accrued Interest | (13,675) | |
Decrease in Interest Accreted on Capital Appreciation Debt | 96,947 | |
Amortization of Bond Premium | 78,377 | |
Amortization of Loss on Debt Refundings | (27,110) | |
Increase in Compensated Absences Liability | (21,813) | |
Increase in Workers Compensation Liability | (818) | |
Increase in Claims and Judgments Liability | (16,599) | |
Increase in Net Pension Obligation | (241,555) | |
Increase in Net OPEB Obligation | (1,897,745) | (2,043,991) |
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. | (98,586) | |
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. | (14,032) | |
Debt issue costs are recorded as expenditures in the governmental 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 | 15,450 | |
Amortization of Debt Issue Costs | (7,608) | 7,842 |
Change in Net Assets of Governmental Activities | $(3,222,663) |
The accompanying notes are an integral part of the financial statements.