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7.1.A. - Page 70 , <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2014 <br /> NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br /> interfund loans) as appropriate and are subject to elimination upon consolidation. Any residual <br /> balances outstanding between the governmental activities and the business -type activities are reported <br /> in the government -wide financial statements as "internal balances." <br /> Services provided or used, deemed to be at market or near market rates, are treated as revenues and <br /> expenditures or expenses. <br /> Reimbursements occur when the funds responsible for particular expenditures or expenses repay the <br /> funds that initially paid for them. Such reimbursements are reflected as expenditures or expenses in <br /> the reimbursing fund and reductions to expenditures or expenses in the reimbursed fund. <br /> All other interfund transactions are treated as transfers. Transfers between governmental or <br /> proprietary funds are netted as part of the reconciliation to the government -wide presentation. <br /> M. Use of Estimates <br /> The preparation of the basic financial statements in conformity with generally accepted accounting <br /> principles requires management to make estimates and assumptions. These estimates and <br /> assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets <br /> and liabilities. In addition, estimates affect the reported amount of expenses. Actual results could differ <br /> from these estimates and assumptions. <br /> N. Implementation of New GASB Pronouncements <br /> In FY 2013 -14 the City adopted the following new accounting standard in order to conform to the <br /> following Governmental Accounting Standards Board Statement: <br /> GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. The Statement reclassifies <br /> items from assets or liabilities in the statement of financial position into the new categories of deferred <br /> outflow or deferred inflow of resources. As a result, costs related to the issuance of debt, previously <br /> deferred, were restated as if they had been reported as an outflow of resources when incurred. The <br /> impact on the financial statements was a decrease in beginning net position as follows: <br /> Statement of Changes <br /> Statement of Activities in Net Position <br /> Governmental Business -type Private Purpose <br /> Activities Activities Trust Fund <br /> $ $ $ <br /> Net position - beginning of year, as <br /> previously reported 282,162,824 194,045,495 (21,050,915) <br /> Restatement of deferred charge for debt <br /> issuance costs (57,645) (1,327,209) (334,545) <br /> Net position - beginning of year, as <br /> restated 282,105,179 192,718,286 (21,385,460) <br /> 42 <br />