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Exhibit D-5.  Sample Independent School District Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets
 
Total fund balance—governmental funds (Exhibit D-4) $74,457,428
Amounts reported for governmental activities in the statement of net assets are different because:

Capital assets used in governmental activities are not financial resources and therefore are not reported as assets in governmental funds. The cost of the assets is $414,700,956, and the accumulated depreciation is $98,176,725.
316,524,231
Property taxes receivable will be collected this year, but are not available soon enough to pay for the current period's expenditures, and therefore are deferred in the funds. 12,182,730
An internal service fund is used by the district's management to charge the costs of workers' compensation and unemployment claims to the individual funds. The assets and liabilities of the internal service fund are included with governmental activities. (See Exhibit D-8.) 6,022,591
Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Longterm liabilities at year-end consist of:
Bonds payable $80,575,118
Accrued interest on the bonds 759,880
Capital leases payable 1,062,861
Contracts payable 2,767,583
Compensated absences (sick pay and vacations) 1,125,503
Special termination benefits payable 16,491,286
In addition, in 1990, the district issued "capital appreciation" bonds. The accretion of interest on those bonds to date is: 16,014,649
(118,796,880)
Total net assets—governmental activities (Exhibit D-1) $290,390,100


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National Center for Education Statistics - http://nces.ed.gov
U.S. Department of Education