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NYS Comptroller

THOMAS P. DiNAPOLI

Local Government and School Accountability

Previous Accounting Releases (Advisories and Bulletins)

Examples from GASB Statement 34

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 Balance Sheet Governmental Funds December 31, 2002

  General Fund HUD Programs Community Redevelopment Route 7 Construction Fund Other Governmental Funds Total Governmental Funds
ASSETS
Cash and cash equivalents $3,418,485 $1,236,523     $5,606,792 $10,261,800
Investments     $13,262,695 $10,467,037 3,485,252 27,214,984
Receivables, net 3,644,561 2,953,438 353,340 11,000 10,221 6,972,560
Due from other funds 1,370,757         1,370,757
Receivables from other governments 119,059     1,596,038 1,715,097
Liens receivable 791,926 3,195,745       3,987,671
Inventories 182,821         182,821
Total assets $9,408,550 $7,504,765 $13,616,035 $10,478,037 $10,698,303 $51,705,690
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable 3,408,680 129,975 190,548 1,104,632 1,074,831 5,908,666
Due to other funds   25,369       25,369
Payable to other governments 94,074 . . .   94,074
Deferred revenue 4,250,430 6,273,045 250,000 11,000   10,748,475
Total liabilities 7,753,184 6,428,389 440,548 1,115,632 1,074,831 16,812,584
Fund balances:
Reserved for:            
Inventories 182,821         182,821
Liens receivable 791,926         791,926
  40,292 41,034 119,314 5,792,587 1,814,122 7,807,349
Debt service         3,832,062 3,832,062
Other purposes "Designation" of unreserved fund balances may be displayed or disclosed in the notes. 1,405,300 1,405,300
Unreserved, reported in:
General fund 640,327         640,327
Special revenue funds   1,035,342     1,330,718 2,366,060
Capital projects funds     13,056,173 3,569,818 1,241,270 17,867,261
Total fund balances 1,655,366 1,076,376 13,175,487 9,362,405 9,623,472 34,893,106
Total liabilities and fund balances $9,408,550 $7,504,765 $13,616,035 $10,478,037 $10,698,303  

Amounts reported for governmental activities in the statement of net assets are different because:

Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds.
161,082,708
Other long-term assets are not available to pay for current-period expenditures and therefore are deferred in the funds.
9,348,876
Internal service funds are used by management to charge the costs of certain activities, such as insurance and telecommunications, to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net assets. (see Statement of Net Assets ).
2,994,691
Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds.
(84,760,507)
Net assets of governmental activiites
$123,558,874

Explanations of the reconciling amounts need not be as detailed as the ones illustrated here. In some cases, detailed explanations on the face of the statements may eliminate the need for further descriptions in the notes. On the other hand, long, complicated explanations on the statement may distract the users' attention from the other information presented. Preparers should weigh the advantages of eliminating the need for users to refer to the notes against the possible disadvantage of overloadng the statement with information. In some situations, however, additional disclosure of reconciling items is required.

The reconciliation could be presented on an accompanying page, rather than on the face of the statement. (See the separate reconciliation.)