Government Wide-Worksheet Adjustments
Posted: August 25th, 2021
Government Wide-Worksheet Adjustments
Student’s Name
Institutional Affiliation
| Government Wide-Worksheet Adjustments | |||
| CITY AND COUNTY OF SANFRANSCISCO | |||
| Governmental Funds | |||
| Reconciliation of the Change in Fund Balances to the Changes in Net Position | |||
| For the Year Ended June 30, 2018 | |||
| Amount | Amount | ||
| Change in Fund Balances – Total Government Funds Adjustments | $ 4,577,235.00 | ||
| Amount reported for governmental activities in the government-wide statementof Activities are different because: | |||
| General Capital Assets Adjustments | |||
| Government-wide Statement of activities, the cost of those assets is depreciatedover their estimated useful lives. | |||
| (1 a) | Expenditure for capital assets | $ 5,791,482.00 | |
| (1 b) | Less current year depreciation | $ 4,717,206.00 | |
| (1 c) | When recognizing the sale of capital assets, the government funds | ||
| Report the total proceeds of the sale. Only the gain or loss on the sale is reported in the government-wide Statement of activities | $ 552,002.00 | $ 11,060,690.00 | |
| General Long- Term Liabilities Adjustments | |||
| Bond issues provide current financial resources to governmental funds, butissuing debt increases long-term liabilities in the government-wide Statement of Net Position. Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the government-wide Statement of Net Position. Other costs related to debt issuanceand retirement use governmental fund resources but are not expenses, so are differed and amortizedin the government wide Statement of Activities. | |||
| Bond Principal | $(1,800,000.00) | ||
| (2a) | Bond Premiums | $ (12,000.00) | |
| (2 b) | Principal payments | $ 200,000.00 | |
| (2 b) | Interest expenditures do not include the change in interest payablefrom the prior year to the current year. Amortization of bond premiumsand discounts also affect interest expense but do not affect interest expenditures. | $ (1,612,000.00) | |
| Decrease in accrued interest payable | $ (19,116.00) | ||
| (2 c) | Amortization of bond premiums | $ 13,232.00 | |
| (2 c) | Other changes in liabilities are not recorded as expenses in the governmental funds or were recognized as expenditures in thecurrent period but were expenses in a prior period. | $ (5,884.00) | |
| Increase in Claims and Judgments Payable | $(2,259,845.00) | ||
| (3 a) | Decrease in Compensated Absences Payable | $ 8,000.00 | |
| (3 b) | Increase in Net OPEB Liability | $ (2,009.00) | |
| (3 c) | Decrease in Net Pension Liability | $ 77,116.00 | |
| (3 d) | $ (2,176,738.00) | ||
| Differed Inflows of Resources Adjustments | |||
| (4 a) | Revenues in the Statement of Activities that do not provide currentfinancial resources are not reported as revenues in the funds, and some governmental -wide financial statements. | ||
| $ 10,800.00 | |||
| The increase in current year deferrals for the difference between expected and actual pension plan investment earnings will reduce pension expensein future years but is not recognized currently.Amortization of deferred inflows of resources of current and prior year | |||
| (5 a) | The increase in current year deferrals for the difference between expected and actual pension plan investment earnings will reduce pension expensein future years but is not recognized currently. | $(1,891,249.00) | |
| (5 b) | Amortization of deferred inflows of resources of current and prior year differences between expected and actual pension plan investment earnings reduces current year pension expense. | $ (204,558.00) | |
| $ (2,085,007.00) | |||
| Net Reconciliation | $9,758,296.00 |
Source: Office of Controller, City, and County of San Francisco (2018)
References
Office of Controller, City, and County of Sanfranscisco (2018). Comprehensive Annual Financial Report for the Year ended June 30, 2018. Ben Rosenfield Controller. Retrieved on November, 14th 2019 from https://sfcontroller.org/sites/default/files/Documents/AOSD/CCSF%20CAFR%20FY2018%20v6%20%28FinalV4%29.pdf
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