RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2015
Amounts reported for governmental activities in the statement
of activites are different due to:
Net change in fund balances – total governmental funds $ (1,331,469)
Governmental funds report capital outlays as expenditures.
However, in the statement of net assets, the cost of those
assets is allocated over their estimated useful lives and
reported as depreciation expense. The effect on net assets
is the amount by which capital outlays exceed depreciation
in the current period.
Depreciation expense (1,433,465)
Capital outlays 1,126,141
Certain receivables will be collected this year but are not
available soon enough to pay for the current period’s expenditures.
This is the amount by which such receivables increased (decreased).
Property taxes receivable (49,137)
Food service receivable 47,160
Operating Grants and Contributions 27,232
Capital Grants and Contributions (15,473)
The repayment of the principal of long-term debt
(e.g., bonds, leases) consumes the current financial
resources of governmental funds. However, such repayment
has no effect on net assets. 149,251
Differences in the cost and accumulated depreciation on
disposed capital assets are reported as a loss and reduction
in net assets in the statement of activities.
Cost of assets disposed (204,209)
Accumulated depreciation of assets disposed 204,209
Interest on long-term debt in the statement of activities differs
from the amount reported in the governmental funds because
interest is recognized as an expenditure in the funds when it is
due, and thus requires the use of current financial resources.
In the statement of activities, however, interest expense is
recognized as the interest accrues, regardless of when it is due. 2,441
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Change in net assets of governmental activities $ (1,477,319)
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The notes to the financial statments are an integral part of this statement, however, to conserve space, they are not included in the publication but are available for review at the board office.