CAFR 2016

Property, furniture and equipment of the GHDP are stated at cost and are depreciated over their useful lives on a straight-line basis as follows: Buildings, 27 years; Furniture and Equipment, 3-5 years. Capital assets also include intangible assets which are described in D. 5. 7. Deferred Outflows/Inflows of Resources and Unearned Revenues In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, Deferred Outflows of Resources , represents a consumption of net position that applies to a future period and so will not be recognized as an expense or expenditure until then. The City has three items that meet this criterion, an unamortized loss on bond defeasance for General Obligation and Water and Sewer Refunding bonds, the accumulated decrease in fair value of hedging derivatives for Series 1998 General Obligation bonds and contributions made to the pension plan in the 2016 fiscal year. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, Deferred Inflows of Resources, represents an acquisition of net position that applies to a future period and so will not be recognized as revenue until then. The City has certain items that meet the criterion for this category – prepaid taxes, prepaid assessments and deferrals of pension expense that result from the implementation of GASB Statement No. 68. In addition, property tax and other accounts receivable are included at the fund level in the financial statements. The City reports unearned revenue on its government-wide and fund financial statements. Unearned revenues arise when potential revenue does not meet both the “measureable” and “available” criteria for recognition in the current period (fund financial statements). Unearned revenues also arise when resources are unearned by the City and received before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures (fund financial statements and government-wide financial statements). In subsequent periods, when both revenue recognition criteria are met, or when the City has a legal claim to the resources, the liability for unearned revenue is removed from the applicable financial statement and revenue is recognized. Deferred Outflows/Inflows of Resources and Unearned Revenues in the fund and basic financial statements at June 30, 2016 are composed of the following:

Fund Financial Statements

Deferred Outflows of Resources

Proprietary Funds Unamortized Bond Refunding Charges Water Resources Fund

4,051,634 $

Pension Deferrals: Water Resources Fund

$2,104

Stormwater Management Fund War Memorial ColiseumFund Solid Waste Management Fund Other Non-Major Enterprise Fund

404 819 224

75

Internal Service Funds

1,363

4,989

Current Year Pension Contributions: Water Resources Fund Stormwater Management Fund War Memorial ColiseumFund Solid Waste Management Fund Other Non-Major Enterprise Fund

942,446 181,216 367,051 100,568 33,612 610,641

Internal Service Funds

2,235,534

Subtotal Deferred Outflows of Resources

6,292,157 $

38g