Government-Wide Financial Reporting
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Transcript 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
• 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
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
Reporting, Continued
Internal Service Fund inter-fund (p.
234) transactions must be eliminated
before put on GW financial statements
If the government has only businesstype activities, then they prepare only
Fund financial statements
Fiduciary Funds are not a part of GW
Financial Statements
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
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
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
GW Reporting
Collections
• Capitalization encouraged but not
required
• Disclosures required
Statistical Information
• Schedule of changed in LTD
• Annual DS requirements
• Legal Debt Margin Schedule
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)
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