CAFR 2017

The details of this $256,241,666 difference (including Premium of $14,544,884 and unamortized bond refunding charges of $1,167,838) are as follows:

Bonds and Notes Payable

$

195,910,932 5,929,705 35,955,161 4,304,418 11,579,702 2,561,748 256,241,666

Certificates of Participation Payable

Limited Obligation Bonds and Notes Payable

Lease Purchase and Other Financing Agreements Payable

Compensated Absences Payable

Accrued Interest Payable

Combined Adjustment

$

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 $30,544,298 difference are as follows:

Capital Outlay

$

28,558,351 15,496,575

Contributed Capital

Disposal

(22,094)

Depreciation/Amortization Expense

(13,488,534) 30,544,298

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 $(34,771,178) difference are as follows:

Issuance of Debt

$

(120,830,329)

Principal Expenditure

84,670,341

Bond-Related Amortization

941,558 853,522 (406,270)

Interest Expenditures/PremiumAmortization

Compensated Absences Expense

Combined Adjustment

$

(34,771,178)

38m