|Budgetary vs GAAP Basis of Accounting|
|Required Supplementary Information|
|For the Fiscal Year Ended June 30, 2016|
|(Expressed in Thousands)|
|General Fund||Transportation Fund|
|Net change in fund balances (budgetary basis)||$(170,418)||$(37,206)|
|Increases (decreases) in revenue accruals:|
|Receivables and Other Assets||8,413||7,089|
|(Increases) decreases in expenditure accruals:|
|Accounts Payable and Other Liabilities||(310,394)||(3,054)|
|Salaries and Fringe Benefits Payable||16,637||1,353|
|Increase (Decrease) in Continuing Appropriations||31,595||(10,701)|
|Fund Reclassification-Bus Operations||-||(3,178)|
|Net change in fund balances (GAAP basis)||$(424,167)||$(45,697)|
The major differences between the statutory and the GAAP (generally accepted
principles) financial basis of accounting as reconciled above are as follows:
1. Revenues are recorded when received in cash except for certain year-end accruals statutory basis) as opposed to revenues being recorded when they are susceptible to accrual (GAAP basis).
2. Certain expenditures are not subject to accrual for budgeting purposes and are recorded when paid in cash (statutory basis) as opposed to expenditures being recorded when the related fund liability is incurred (GAAP basis).
3. For budgetary reporting purposes, continuing appropriations are reported with other financing sources and uses in the determination of the budgetary surplus or deficit to more fully demonstrate compliance with authorized spending for the year. For GAAP purposes, continuing appropriations are excluded from operations and reported as committed fund balance.
The information about budgetary reporting is an integral part of this schedule.