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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 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/td>
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.