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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, continued <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 />$32,919 difference are as follows: <br />Compensated absences$111,521 <br />Net OPEB obligation(36,779) <br />Accrued interest(3,954) <br />Amortization of issuance costs(103,707) <br />Net adjustment$(32,919) <br />Capital outlay is reported as expenditures in governmental funds. However, the Statement of Activities <br />allocates the cost of capital outlay over their estimated useful lives as depreciation expense. The details of this <br />$5,591,562 difference are as follows: <br />Capital outlay$22,827,512 <br />Depreciation expense(17,235,950) <br />Net adjustment5,591,562 <br />$ <br />Repayments of long-term debt use current financial resources and are reported as expenditures in <br />governmental funds. The payment of debt principal affects the Statement of Activities and is reported as a <br />decrease in noncurrent liabilities in the Statement of Net Assets. The details of this $9,009,199 difference are <br />as follows: <br />Debt issued: <br /> Issuance of general obligation bonds$(9,285,000) <br /> Issuance of tax increment bonds(7,900,000) <br /> Issuance of notes payable(3,412,000) <br /> Issuance of limited tax bonds(580,000) <br />(21,177,000) <br />Principal payments: <br /> General obligation debt11,830,250 <br /> Certificates of participation210,000 <br /> Limited tax bonds127,551 <br />Net adjustment(9,009,199) <br />$ <br />Transfers of capital assets are often made between proprietary funds and governmental funds when the use of <br />an asset changes. Transfers of liabilities are sometimes made between proprietary funds and governmental <br />funds when the fund responsible for repayment changes. Such transfers will provide or use economic <br />resources in proprietary funds, but may not necessarily provide or use spendable financial resources in <br />governmental funds. <br />Transfer of governmental <br /> capital assets to proprietary funds$(112,360) <br />47 <br />