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CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(2) Reconciliation of Government-wide and Fund Financial Statements, continued <br />(B) Explanation of Differences Between the Government-wide Statement of Activities and the Fund Statement of <br />Revenues, Expenditures, and Changes in Fund Balances <br />The Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of <br />Governmental Funds to the Statement of Activities is provided at Exhibit 5. The following are selected <br />elements of that reconciliation: <br />Governmental funds defer revenues that do not provide current financial resources. However, the Statement of <br />Activities recognizes such revenues at their net realizable value when earned, regardless of when received. <br />The details of this $648,599 difference are as follows: <br />Change in deferred revenue from the following sources: <br /> Property taxes receivable$109,014 <br /> Special assessments receivable(349,932) <br /> System development charges receivable(140,177) <br /> Municipal court receivables(91,264) <br /> Notes receivable1,139,675 <br /> Subtotal667,316 <br /> Change in the allowance for uncollectibles(18,717) <br />Net adjustment$648,599 <br />Donations of capital assets are reported as capital contributions in the Statement of Activities, but do not <br />appear in the governmental funds because they are not financial resources. In addition, the Statement of <br />Activities reports gains and losses arising from the disposal of existing capital assets, while governmental funds <br />do not. The details of this $10,509,483 difference are as follows: <br />Donations of capital assets$10,516,960 <br />Sale of capital assets(7,477) <br />Net adjustment$10,509,483 <br />Governmental funds do not report expenditures for unpaid compensated absences, interest expense, or <br />arbitrage since they do not require the use of current financial resources. However, the Statement of Activities <br />reports such expenses when incurred, regardless of when settlement ultimately occurs. The details of this <br />$1,478,989 difference are as follows: <br />Compensated absences$(302,762) <br />Net OPEB obligation(1,089,745) <br />Accrued interest51,585 <br />Amortization of issuance costs(138,067) <br />Net adjustment$(1,478,989) <br />continued <br />ìë <br />