2025 Annual Comprehensive Report

II. Reconciliation of Government-Wide and Fund Financial Statements A. Explanation of certain differences between the governmental fund balance sheet and the government-wide statement of net position. The governmental fund balance sheet includes reconciliation between fund balance – total governmental funds and net position – governmental activities as reported in the government – wide statement of net position. One element of that reconciliation explains that “long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds.” The details of this $483,849,490 difference (including Premium of $22,955,679 and bond refunding charges of $3,492,029) are as follows:

General Obligation Bonds

$

326,821,658 (3,492,029) 126,314,021 12,708,265 17,144,117

Deferred Bond Refunding Charges

Limited Obligation Bonds

Lease and Other Financing Agreements Payable

Compensated Absences Payable

Accrued Interest Payable

4,353,458

Combined Adjustment

$

483,849,490

B. Explanation of certain differences between the governmental fund statement of revenues, expenditures, and change in fund balances and the government-wide statement of activities. The governmental fund statement of revenues, expenditures, and changes in fund balances include reconciliation between net changes in fund balances – total governmental funds and changes in net position of governmental activities as reported in the government-wide statement of activities. One element of that reconciliation explains that “Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense”. The details of this $25,065,826 difference are as follows:

Capital Outlay

$

45,272,632

Contributed Capital

580,654 (60,616)

Disposal

Depreciation/Amortization Expense

(20,726,844) 25,065,826

Combined Adjustment

$

Another element of that reconciliation states that “the issuance of long-term debt (e.g., bonds, leases) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are unearned and amortized in the statement of activities. Also included are compensated absences activities.” The details of this $90,987,622 difference are as follows:

Issuance of Debt Principal Expenditure

$ (121,200,161)

28,060,271 (403,061) 2,933,381 (378,092) (90,987,662)

Bond-Related Amortization

Interest Expenditures/Premium Amortization

Compensated Absences Expense

Combined Adjustment

$

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