Examples from GASB Statement 34 - Sample City Statement of Net Assets Proprietary Funds

Examples from GASB Statement 34 included in this bulletin, copyright by the Governmental Accounting Standards Board, 401 Merritt 7, Norwalk, CT 06856 are reprinted by permission.
Sample City Statement of Net Assets Proprietary Funds December 31, 2002
This statement illustrates the "net assets" format; the "balance sheet" format also is permitted. Classification of assets and liabilities is required in either case.
	Business-Type Activities Enterprise Funds			Governmental Activities
	Water and Sewer	Parking Facilities	Totals	Internal Service Funds
ASSETS
Current assets:
Cash and cash equivalents	$8,416,653	$369,168	$8,785,821	$3,336,099
Investments				150,237
Receivables, net	3,564,586	3,535	3,568,121	157,804
Due from other governments	41,494		41,494
Inventories	126,674		126,674	139,328
Total current assets	12,149,407	372,703	12,522,110	3,783,468
Noncurrent assets:
Restricted cash and cash equivalents		1,493,322	1,493,322
Capital assets:
Land	813,513	3,021,637	3,835,150
Distribution and collection systems	39,504,183		39,504,183
Buildings and equipment	106,135,666	23,029,166	129,164,832	14,721,786
Less accumulated depreciation	(15,328,911)	(5,786,503)	(21,115,414)	(5,781,734)
Total noncurrent assets	131,124,451	21,757,622	152,882,073	8,940,052
Total assets	143,273,858	22,130,325	165,404,183	12,723,520
LIABILITIES:
Current liabilities:
Accounts payable	447,427	304,003	751,430	780,570
Due to other funds	175,000		175,000	1,170,388
Compensated absences	112,850	8,827	121,677	237,690
Claims and judgments				1,687,975
Bonds, notes, and loans payable	3,944,609	360,000	4,304,609	249,306
Total current liabilities	4,679,886	672,830	5,352,716	4,125,929
Noncurrent liabilities:
Compensated absences	451,399	35,306	486,705
Claims and judgments				5,602,900
Bonds, notes, and loans payable	54,451,549	19,544,019	73,995,568
Total noncurrent liabilities	54,902,948	19,579,325	74,482,273	5,602,900
Total liabilities	59,582,834	20,252,155	79,834,989	9,728,829
NET ASSETS:
Invested in capital assets, net of related debt	72,728,293	360,281	73,088,574	8,690,746
Restricted for debt service		1,451,996	1,451,996
Unrestricted	10,962,731	65,893	11,028,624	(5,696,055)
Total net assets	$83,691,024	$1,878,170	$85,569,194	$2,994,691

Non major enterprise funds would be aggregated and reported in a separate column.

Even though internal service funds are classified as proprietary funds, the nature of the activity accounted for in them is generally governmental. By reporting internal service funds separately from the proprietary funds that account for business-type activities, the information in the "Totals" column on this statement flows directly to the "Business-type Activities" column on the statement of net assets, and the need for a reconciliation on this statement is avoided.