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 business-type 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