Notes to the Financial Statements
June 30, 2012
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) | $- | $38,451 |
Adjustments: | ||
Increases (decreases) in revenue accruals: | ||
Receivables and Other Assets | (295,248) | 3,793 |
(Increases) decreases in expenditure accruals: | ||
Accounts Payable and Other Liabilities | 590,230 | (13,944) |
Salaries and Fringe Benefits Payable | 131,304 | 9,252 |
Increase (Decrease) in Continuing Appropriations | (70,635) | 1,061 |
Less:Realease of 2011 Surplus Reserve | (143,517) | - |
Fund Reclassification-Bus Operations | - | (2,436) |
Net change in fund balances (GAAP basis) | $212,134 | $36,177 |
The major differences between the budgetary (legal) and the GAAP (generally accepted accounting principles) basis of accounting as reconciled above are as follows: