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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br /> <br />(2) Reconciliation of Government-wide and Fund Financial Statements, continued <br />(A) Explanation of Certain Differences Between the Government-wide Statement of Net Position and the <br />Governmental Fund Balance Sheet, continued <br />All liabilities are reported in the Statement of Net Position. However, if they are not due and payable in <br />the current period, they are not recorded in governmental funds.The details of this $1,227,295 difference <br />are as follows: <br />Bonds payable$(1,222,000) <br />Accrued interest payable(5,295) <br /> Net adjustment$(1,227,295) <br />(B) Explanation of Certain Differences Between the Government-wide Statement of Activities and the <br />Governmental Fund Statement of 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 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 <br />Activities reports such expenses when incurred, regardless of when settlement ultimately occurs. The <br />details of this $9,005 difference are as follows: <br />Accrued interest$9,005 <br />Capital outlays are reported as expenditures in governmental funds. However, the Statement of Activities <br />allocates the cost of capital outlays over their estimated useful lives as depreciation expense. The details <br />of this $174,283 difference are as follows: <br />Capital outlay$174,410 <br />Depreciation expense(127) <br /> Net adjustment $174,283 <br />Governmental funds defer revenues that do not provide current financial resources. However, the <br />Statement of Activities recognizes such revenue at their net realizable value when earned, regardless of <br />when collected. The details of this $249,816 difference are as follows: <br />Change in unavailable revenue from the following sources: <br /> Property taxes receivable$20,371 <br /> Notes receivable(407,551) <br /> Subtotal(387,180) <br /> Change in the allowance for doubtful receivables137,364 <br /> Net adjustment$(249,816) <br />continued <br /> <br />