Laserfiche WebLink
CITY OF EUGENE, OREGON <br />Notes to Required Supplementary Information <br />(3) Budget to GAAP Reconciliation <br />Sections of Oregon Revised Statutes (Oregon Budget Law) require most transactions be budgeted on the modified <br />accrual basis of accounting. However, there are certain transactions where statutory budget requirements conflict <br />with generally accepted accounting principles (GAAP). The following discusses the differences between the budget <br />basis and GAAP basis of accounting for the General Fund and the Community Development Fund. <br />Principal payments received of $3,594,095 and loans granted of $2,777,343 are reported in the Community <br />Development Fund as other financing sources and non-departmental expenditures, respectively. Such amounts have <br />been reclassified as revenues and departmental expenditures on a GAAP basis. In addition, indirect cost <br />reimbursements are reclassified from transfers to departmental administrative expenditures on a GAAP basis. Such <br />reclassifications are not included in the above schedule. <br />84 <br />