Page 48 - Hudson CAFR Report 2018

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, 2018

Net change in fund balances - total governmental funds $ 90,232,948

Amounts reported for governmental activities in the 194,025
statement of activities are different because: (358,556)

Governmental funds report capital outlays as expenditures. However, in the $ 2,543,529 155,033
statement of activities, the cost of those assets is allocated over their (2,349,504) 1,510,195
estimated useful lives as depreciation expense. (82,740,970)
Capital asset additions (3,560,314)
Current year depreciation
Total (1,032,511)
5,443,289
The net effect of various miscellaneous transactions involving capital assets 24,817,454
(i.e., sales, disposals, trade-ins, and donations) is to decrease net position.
193,642
Revenues in the statement of activities that do not provide current financial (200,587) 2,646,817
resources are not reported as revenues in the funds. 357,916
Delinquent property taxes 11,663
Accrued interest (2,296)
Intergovernmental (318,221)
Total 37,194,494

Repayment of principal on, and other retirements of, long-term debt are
expenditures in the governmental funds, but the repayment reduces long-term
liabilities on the statement of net position.

The sale of bonds and inception of capital leases are recorded as other
financing sources in the funds; however, in the statement of activities, they are
not reported as other financing sources as they increase liabilities on the
statement of net position.

Premiums on the sale of bonds are recorded as other financing sources in the
funds; however, they are amortized over the life of the issuance in the statement
of activities.

In the statement of activities, interest is accrued on long-term debt obligations, (997,932)
whereas in governmental funds, an interest expenditure is reported when due. 46,549
The following items resulted in additional interest being reported in the (81,128)
statement of activities:
Increase in accrued interest payable
Amortization of bond premiums
Amortization of deferred charges on refunding
Total

Contractually required pension contributions are reported as expenditures in
governmental funds; however, the statement of activities reports these amounts
as deferred outflows of resources.

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.

Contractually required OPEB contributions are reported as expenditures in
governmental funds; however, the statement of activities reports these amounts as
deferred outflows of resources.

Except for amounts reported as deferred inflows/outflows of resources, changes in
the net OPEB liability are reported as OPEB expense in the statement of activities.

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.

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.

Change in net position of governmental activities $

SEE ACCOMPANYING NOTES TO THE BASIC FINANCIAL STATEMENTS

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