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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 />(A) Explanation of Differences Between the Government-wide Statement of Net Assets and the Governmental <br />Fund Balance Sheet, continued <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 $47,054,034 difference are as <br />follows: <br />Bonds payable (less: deferred charge for issuance costs)$(36,341,214) <br />Notes and contracts payable(2,706,000) <br />Accrued interest payable(146,877) <br />Compensated absences(7,523,582) <br />Net OPEB obligation(336,361) <br />Net adjustment$(47,054,034) <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 $2,528,949 difference are as follows: <br />Change in deferred revenue from the following sources: <br /> Property taxes receivable$933,388 <br /> Special assessments receivable228,122 <br /> System development charges receivable(96,447) <br /> Municipal court receivables61,203 <br /> Notes receivable1,502,218 <br /> Subtotal2,628,484 <br /> Change in the allowance for uncollectibles(99,535) <br />Net adjustment$2,528,949 <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 $1,639,248 difference are as follows: <br />Donations of capital assets$1,654,955 <br />Sale of capital assets(15,707) <br />Net adjustment$1,639,248 <br />continued <br />