Page 47 - Hudson City Schools CAFR 2017

HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2017
Net change in fund balances - total governmental funds $ (1,165,271)

Amounts reported for governmental activities in the
statement of activities are different because:
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 as
depreciation expense.
Capital asset additions $ 2,431,875
Current year depreciation (2,345,059)
Total 86,816
The net effect of various miscellaneous transactions involving
capital assets (i.e., sales, disposals, trade-ins, and donations) is to
decrease net position. (17,459)
Revenues in the statement of activities that do not provide
current financial resources are not reported as revenues in
the funds.
Delinquent property taxes (87,055)
Accrued interest 28,494
Intergovernmental (16,748)
Total (75,309)
Repayment of principal on long-term debt obligations is an expenditure
in the governmental funds, but the repayment reduces long-term liabilities
on the statement of net position. 1,154,911
In the statement of activities, interest is accrued on long-term debt
obligations, whereas in governmental funds, an interest expenditure is
reported when due. The following items resulted in additional interest being
reported in the statement of activities:
Decrease in accrued interest payable 2,272
Amortization of bond premiums 6,658
Amortization of deferred charges on refunding (81,127)
Total (72,197)
Contractually required contributions are reported as expenditures in
governmental funds; however, the statement of activities reports
these amounts as deferred outflows of resources. 5,196,284
Except for amounts reported as deferred inflows/outflows of resources,
changes in the net pension liability are reported as pension expense in the
statement of activities. (7,713,237)
Some expenses reported in the statement of activities, such as
compensated absences, do not require the use of current financial
resources and therefore are not reported as expenditures in
governmental funds. (314,818)
An internal service fund used by management to charge the costs of medical and
dental insurance to individual funds is not reported in the statement of activities.
Governmental fund expenditures and the related internal service fund revenues
are eliminated. The net revenue (expense) of the internal service fund is
allocated among the governmental activities. (912,306)

Change in net position of governmental activities $ (3,832,586)
SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

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