Notes to the Financial Statements
June 30, 2008
Note 2 Budgetary vs. GAAP Basis of Accounting
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) | $ 99,420 | $ (14,677) |
Adjustments: | ||
Increases (decreases) in revenue accruals: | ||
Receivables and Other Assets | (238,498) | (2,161) |
(Increases) decreases in expenditure accruals: | ||
Accounts Payable and Other Liabilities | 60,353 | (11,215) |
Salaries and Fringe Benefits Payable | (14,044) | (987) |
Decrease in Continuing Appropriations | (326,972) | (1,968) |
Fund Reclassification-Bus Operations | - | 155 |
Net change in fund balances (GAAP basis) | $ (419,741) | $ (30,853) |
The major differences between the budgetary (legal) and the GAAP (generally accepted accounting principles) basis of accounting as reconciled above are as follows: