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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. |
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Sample City Balance Sheet Governmental Funds December 31, 2002 |
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| 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. |
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 activities |
$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.)