Notes to the Financial Statements
June 30, 2011
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) | $236,923 | $2,001 |
Adjustments: | ||
Increases (decreases) in revenue accruals: | ||
Receivables and Other Assets | (18,121) | (6,714) |
(Increases) decreases in expenditure accruals: | ||
Accounts Payable and Other Liabilities | (100,394) | 13,277 |
Salaries and Fringe Benefits Payable | 4,397 | (2,935) |
Increase (Decrease) in Continuing Appropriations | 79,510 | (1,423) |
Less Transfer of 2010 Fiscal Year Surplus | (449,869) | - |
Less Transfer From Budget Reserve Fund | (103,225) | - |
Fund Reclassification-Bus Operations - | 1,827 | |
Net change in fund balances (GAAP basis) | $(350,779) | $6,033 |
The major differences between the budgetary (legal) and the GAAP (generally accepted accounting principles) basis of accounting as reconciled above are as follows: