1 / 10

Government-Wide Financial Reporting

Government-Wide Financial Reporting. Level One Financial Statements Accrual Basis of Accounting Economic Resources Measurement Focus General Government Fixed assets and long-term debt are reported in these statements. Financial Statements. Statement of Net Assets

andrearussell
Download Presentation

Government-Wide Financial Reporting

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Government-Wide Financial Reporting • Level One Financial Statements • Accrual Basis of Accounting • Economic Resources Measurement Focus • General Government Fixed assets and long-term debt are reported in these statements

  2. Financial Statements • Statement of Net Assets • Separate columns for Governmental Activities, Business-Type Activities, Totals, and Discretely Presented Component Units (p. 236) • Statement of Activities (p. 238) • Separate columns for expenses, program revenues, and net (expense) revenue for Governmental Activities and Business-Type Activities

  3. GW Reporting • Reporting Peculiarities • GFA and GLTD included and reported only on GW financial statements • Depreciation of GFA recorded in GW Statement of Activities only • Enterprise Fund activities flow through to business-type activities on GW Statements • Internal Service Fund activities flow through to governmental activities on GW Statements

  4. Reporting, Continued • Internal Service Fund inter-fund (p. 234) transactions must be eliminated before put on GW financial statements • If the government has only business-type activities, then they prepare only Fund financial statements • Fiduciary Funds are not a part of GW Financial Statements

  5. Reporting, Continued • General Fixed Assets are reported as Capital Assets, net of Depreciation • Net Asset breakdown is • Invested in Capital Assets, Net of Related Debt • Restricted (Covenants or Law) • Unrestricted • General LTD reported in GW Statement of Net Assets

  6. Reporting, Continued • Reconciliation items • GFA and GLTD • Deferred Revenue • Unrecorded Liabilities (Compensated absences other than current period) • Special items such as sale of land • What is reconciled • Fund balances Govt Funds to Net Assets • Ch in FB Govt Funds to Ch in Net Assets

  7. Reporting, Continued • Reconciliation Schedule is reported • Face of Fund Financial Statements, or • Notes to Financial Statements • Infrastructure must be capitalized and reported with other fixed assets • Retrospectively and Prospectively • Prospectively only for less than $10 million revenue

  8. GW Reporting • Collections • Capitalization encouraged but not required • Disclosures required • Statistical Information • Schedule of changed in LTD • Annual DS requirements • Legal Debt Margin Schedule

  9. Computation of Debt Margin • Assessed value of property within jurisdiction (Real and personal) • Apply Debt Limit % • =Debt Limit • All applicable debt (GO Bonds) • Less: Debt service fund assets • Subtract from debt limit (Q 8-3:10)

  10. Schedule of Direct and Overlapping Debt • Direct: • 100% of debt owed by entity (I.e., city) • Divide by population = Per capita debt • Overlapping: • Percentage of assessed valuation of property in entity to property in overlapping (I.e., county) entity • Percentage times total overlapping debt • Divide by population of city = Per capita

More Related