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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 $3,693,932 difference are as follows: <br />Change in deferred revenue from the following sources: <br /> Property taxes receivable $ 637,866 <br /> Special assessments receivable (84,227) <br /> System development charges receivable (171,755) <br /> Municipal court receivables (191,704) <br /> Notes receivable 3,581,740 <br /> Subtotal 3,771,920 <br /> Change in the allowance for uncollectibles (77,988) <br />Net adjustment $ 3,693,932 <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 $2,615,953 difference are as follows: <br />Donations of capital assets $ 2,423,205 <br />Sale of capital assets 192,748 <br />Net adjustment $ 2,615,953 <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 />$1,737,406 difference are as follows: <br />Compensated absences $ 14,083 <br />Net OPEB obligation 1,780,111 <br />Arbitrage22,728 <br />Accrued interest 44,925 <br />Amortization of issuance costs (124,441) <br />Net adjustment $ 1,737,406 <br />continued <br />