2007 CAFR Part 2 - Laserfiche WebLink

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COUNTY OF HAWAII Reconciliation of the Change in Fund Balances of Governmental Funds to the Statement of Activities For the Fiscal Year Ended June 30, 2007 Net change in fund balances-total governmental funds $ 80,771,292 Amounts reported for governmental activities in the statement of activities are different because: Capital outlays are reported as expenditures in governmental funds. However, in the statement of activities,the cost of capital assets is allocated over their estimated useful lives as depreciation expense. In the current period,these amounts are: Capital outlay and dedicated property 49,723,184 Depreciation expense and loss on disposals (20,402,006) Excess of capital outlay over depreciation expense 29,321,178 Borrowings provide current financial resources to governmental funds; however,issuing debt increases long-term liabilities in the statement of net assets. In the current period,proceeds were received from: General obligation bonds,net of refunding (85,185,214) Premium on bond issuance (1,789,402) Deferred amount on refunding of bonds 1,534,757 SRF loan obligations (6,254,922) Capital lease obligations (2,402,731) Total debt proceeds (94,097,512) Repayment of long-term debt is reported as an expenditure in governmental funds,but the repayment reduces long-term liabilities in the statement of net assets. In the current year,these amounts consist of: Bond principal retirement,net of refunding 12,473,327 SRF loan repayment 2,421,513 Capital lease payments 1,181,510 Total long-term debt repayment 16,076,350 Because some revenues will not be collected for several months after the County's fiscal year end,they are not considered"available"revenues and are"deferred" in the governmental funds. Unearned revenues decreased by this amount this year. 1,980,870 (Continued) -32-