CAFR 2017

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, 2017 are composed of the following:

Fund Financial Statements

Deferred Outflows of Resources

Proprietary Funds Unamortized Bond Refunding Charges Water Resources Fund

3,113,089 $

Pension Deferrals: Water Resources Fund

3,151,885 $

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

597,291

1,212,692

335,388 111,796

Internal Service Funds

2,099,400

7,508,452

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

973,784 184,535 374,665 103,619 34,540 648,616

Internal Service Funds

2,319,759

Subtotal Deferred Outflows of Resources

12,941,300 $

38g