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URBAN RENEWAL AGENCY OF THE 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 Certain Differences Between the Government-wide Statement of Net Assets and the <br />Governmental 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 $7,942,220 difference are <br />as follows: <br />Bonds payable(7,900,000) <br />Accrued interest payable(42,220) <br /> Net adjustment$(7,942,220) <br />(B) Explanation of Certain Differences Between the Government-wide Statement of Activities and the <br />Governmental Fund Statement of 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 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 <br />Activities reports such expenses when incurred, regardless of when settlement ultimately occurs. The <br />details of this $42,221 difference are as follows: <br />(42,221) <br />Accrued interest$ <br />Capital outlays are reported as expenditures in governmental funds. However, the Statement of Activities <br />allocates the cost of capital outlays over their estimated useful lives as depreciation expense. The details <br />of this $264,476 difference are as follows: <br />Depreciation expense$(264,476) <br />Governmental funds defer revenues that do not provide current financial resources. However, the <br />Statement of Activities recognizes such revenue at their net realizable value when earned, regardless of <br />when collected. The details of this $1,020,177 difference are as follows: <br />Change in deferred revenue from the following sources: <br /> Property taxes receivable$(13,252) <br /> Notes receivable1,087,064 <br /> Subtotal1,073,812 <br /> Change in the allowance for doubtful receivables(53,635) <br /> Net adjustment$1,020,177 <br />continued <br />24 <br />