Page 45 - Hudson City Schools CAFR 2017
P. 45
HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO
RECONCILIATION OF TOTAL GOVERNMENTAL FUND BALANCES TO
NET POSITION OF GOVERNMENTAL ACTIVITIES
JUNE 30, 2017
Total governmental fund balances $ 32,365,838
Amounts reported for governmental activities on the
statement of net position are different because:
Capital assets used in governmental activities are not financial
resources and therefore are not reported in the funds. 57,059,076
Other long-term assets are not available to pay for current-period
expenditures and therefore are deferred inflows of resources in
the funds.
Property taxes receivable $ 921,804
Accrued interest receivable 35,032
Intergovernmental receivable 125,300
Total 1,082,136
An internal service fund is used by management to charge the
costs of insurance to individual funds. The assets and
liabilities of the internal service fund are included in
governmental activities on the statement of net position. 1,265,186
Unamortized premiums on bonds issued are not recognized
in the funds. (76,599)
Deferred amounts on refundings are not recognized in the funds. 1,372,405
Accrued interest payable is not due and payable in the
current period and therefore is not reported in the funds. (58,396)
The net pension liability is not due and payable in the current period,
therefore, the liability and related deferred inflows and outflows of
resources are not reported in governmental funds.
Deferred outflows of resources - pensions 19,263,885
Deferred inflows of resources - pensions (2,243,672)
Net pension liability (107,200,357)
Total (90,180,144)
Long-term liabilities, including bonds payable, are not due and
payable in the current period and therefore are not reported
in the funds.
General obligation bonds (2,390,000)
Certificates of participation (16,165,000)
Capital lease obligations (355,113)
Compensated absences (3,643,732)
Total (22,553,845)
Net position of governmental activities $ (19,724,343)
SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS
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