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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 $53,764,705 difference are as <br />follows: <br />Bonds payable (less: deferred charge for issuance costs)$(37,390,897) <br />Notes and contracts payable(7,895,000) <br />Accrued interest payable(142,481) <br />Compensated absences(7,769,669) <br />Net OPEB obligation(566,658) <br />Net adjustment$(53,764,705) <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 $3,215,549 difference are as follows: <br />Change in deferred revenue from the following sources: <br /> Property taxes receivable$1,608,944 <br /> Special assessments receivable(256,969) <br /> System development charges receivable(987,159) <br /> Municipal court receivables(563,470) <br /> Notes receivable3,329,424 <br /> Subtotal3,130,770 <br /> Change in the allowance for uncollectibles84,779 <br />Net adjustment$3,215,549 <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 $778,221 difference are as follows: <br />Donations of capital assets$189,397 <br />Sale of capital assets588,824 <br />Net adjustment$778,221 <br />continued <br />46 <br />