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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 />Capital assets are not financial resources in governmental funds, but are reported in the Statement of Net <br />Assets at their net depreciable value. The details of this $4,194,516 difference are as follows: <br />Capital assets (net of accumulated depreciation) reported in <br />the Statement of Net Assets: <br /> Land and construction in progress$1,932,666 <br /> Other capital assets (net of accumulated depreciation)2,261,850 <br /> Net adjustment$4,194,516 <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 $7,221,389 difference are <br />as follows: <br />Bonds payable$(7,183,000) <br />Accrued interest payable(38,389) <br /> Net adjustment$(7,221,389) <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 $3,832 difference are as follows: <br />Accrued interest3,832 <br />$ <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 $234,521 difference are as follows: <br />Capital outlay$24,640 <br />Depreciation expense(259,161) <br /> Net adjustment $(234,521) <br />continued <br />