HAMPSHIRE COUNTY, WEST VIRGINIA, BOARD OF EDUCATION
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FYE JUNE 30, 2025
Net change in fund balances – total governmental funds $ (6,939,166)
Amounts reported for governmental activities in the statement
of activities are different due to:
Governmental funds report capital outlays as expenditures.
However, in the statement of net position, the cost of those
assets is allocated over their estimated useful lives and
reported as depreciation expense. The effect on net position
is the amount by which capital outlays exceed depreciation
in the current period.
Depreciation expense (1,450,924)
Capital outlays 13,993,942
Governmental funds report capital outlays as expenditures.
However, in the statement of net position,the cost of lease assets is
allocated over their estimated useful lives and reported as
amortization expense. The effect on net position is the amount by
which capital outlays exceed amortization int he current period.
Amortization expense (59,282)
Governmental funds report capital outlays as expenditures.
However, in the statement of net position,the cost of SBITA assets is
allocated over their estimated useful lives and reported as
amortization expense. The effect on net position is the amount by
which capital outlays exceed amortization int he current period.
Amortization expense (307,947)
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 50,787
Operating Grants and Contributions 5,549,897
A portion of the change in fund balances is the current year
amortization of the premium on general obligation bonds. The
current year amortization of the premium is a reduction of interest
expense rather than revenue for the purpose of this statement. 129,952
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 position. 2,550,000
Differences in the cost and accumulated depreciation on disposed
capital assets are reported as a loss and reduction in net position
in the statement of activities
Cost of assets disposed (1,572,453)
Accumulated depreciation of assets disposed 868,974
Differences in the ROU asset and accumulated amortization on
ROU asset terminated agreements are reported as a loss and
reduction in net position in the statement of activities
Right-of-Use assets terminated (170,346)
Accumulated amortization of assets terminated 170,346
Compensated absences are reported as liabilities inn the statement
of net position, but are only reported in government funds to the extent
they have matured. This is the amount by which compensated
absences (increased)/decreased.
Accrued vacation payable (89,200)
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. 4,250
Governmental funds report district pension contributions as
expenditures. However, in the Statement of Activities, the cost of
pension benefits earned net of employee contributions is reported as
pension expense.
District pension contributions 154,984
Cost of benefits earned net of employee contributions (290,934)
Governmental funds report district OPEB contributions as
expenditures. However, in the Statement of Activities, the cost of
OPEB benefits earned net of employee contributions is reported as
OPEB expense.
District OPEB contributions 48,808
Cost of benefits earned net of employee contributions (119,731)
Finance Lease payable are reported as liabilities in the
statement of net position, but are only reported in government
funds to the extent they have matured. This is the amount by
which finance lease payable decreased. 56,899
SBITA payables are reported as liabilities in the statement of
net position, but are only reported in government funds to the
extent they have matured. This is the amount by which SBITA
payables decreased. 67,598
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Change in net position of governmental activities $ 12,646,454
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See notes to financial statements