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CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(2) Reconciliation of Government-wide and Fund Financial Statements <br />(A) Explanation of Differences Between the Government-wide Statement of Net Assets and the Governmental <br />Fund Balance Sheet <br />The Balance Sheet for governmental funds (Exhibit 3) includes a reconciliation between total fund balances <br />and total net assets of governmental activities in the Statement of Net Assets (Exhibit 1). The following are <br />selected elements of that reconciliation. <br />The Statement of Net Assets reports receivables at their net realizable value. However, receivables not <br />available to pay for current-period expenditures are deferred in governmental funds. The details of this <br />$23,255,384 difference are as follows: <br />Receivables: <br /> Interest $ 1,034,492 <br /> Taxes 5,103,721 <br /> Systems development charges 605,127 <br /> Municipal court 566,618 <br /> Assessments 993,495 <br /> Loans and notes 15,761,528 <br /> Subtotal 24,064,981 <br /> Allowance for uncollectibles (809,597) <br />Net adjustment $ 23,255,384 <br />Capital assets are not financial resources in governmental funds, but reported in the Statement of Net Assets at <br />their net depreciable value. The details of this $370,928,397 difference are as follows: <br />Capital assets (net of accumulated depreciation) reported <br />in the Statement of Net Assets - governmental activities column: <br /> Land and construction in progress $ 82,195,943 <br /> Other capital assets (net of accumulated depreciation) 311,932,804 <br />Capital assets (net of accumulated depreciation) reported <br />in internal service funds included in the Statement of <br />Net Assets - governmental activities column (23,200,350) <br />Net adjustment $ 370,928,397 <br />All liabilities are reported in the Statement of Net Assets. However, if they are not due and payable in the <br />current period, they are not recorded in governmental funds. The details of this $54,004,692 difference are as <br />follows: <br />Bonds payable (less deferred charge for issuance costs) $ (43,234,267) <br />Notes and contracts payable (2,880,318) <br />Accrued interest payable (170,912) <br />Compensated absences (7,254,543) <br />(416,064) <br />Net OPEB obligation <br />Rebatable arbitrage (48,588) <br />Net adjustment $ (54,004,692) <br />continued <br />