Laserfiche WebLink
CITY OF EUGENE, OREGON <br /> <br />Notes to Required Supplementary Information <br /> <br /> <br />(4) Budget to GAAP Reconciliation <br /> <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 /> <br />Community <br />General Development <br />Net change in fund balance - budget basis $ (608,121) (1,014,584) <br />Budget resources not qualifying as revenues or other financing <br />sources under GAAP: <br />Indirect and other cost reimbursements received are reported as revenues <br />or other financing sources on a budget basis. Such receipts are <br />reclassified as a reduction of expenditures on a GAAP basis.10,109,862 0 <br />Revenues and other financing sources required by GAAP not <br />qualifying as budget resources: <br />Adjustment for fair value of investments at year end is reported as <br />miscellaneous revenue on a GAAP basis. Such revenues are not <br />reflected on a budget basis.484,583 24,526 <br />Budget expenditures not qualifying as expenditures or other <br />financing uses under GAAP: <br />Indirect and other costs reimbursed are reported as expenditures on a <br />budget basis. Such disbursements are reclassified as a reduction of <br />revenues and other financing sources on a GAAP basis.(10,109,862)0 <br />Prepaid expenses are recorded in the year paid on a budget basis. <br />However, such expenses are matched to the accounting period benefited <br />under GAAP.218,469 0 <br />Net change in fund balance - GAAP basis.$ 94,931 (990,058) <br /> <br /> <br /> <br />Principal payments received of $1,079,792 and loans granted of $3,440,633 are reported in the Community <br />Development Fund as other financing sources and special payments, respectively. Such amounts have been <br />reclassified as revenues and departmental expenditures on a GAAP basis. In addition, indirect cost reimbursements <br />are reclassified from transfers to departmental administrative expenditures on a GAAP basis. Such reclassifications <br />are not included in the above schedule. <br />87 <br />December 9, 2019, Meeting - Item 2CCC Agenda - Page 131