CAFR 2012 Final with Opinion (2)

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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.Tune 30,2012 Net change in fund balances-total governmental funds $ (13,038,045) 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 70,373,656 Dedicated and contributed property 42,045,951 Depreciation expense and loss on disposals (31,844,366) Excess of capital outlay over depreciation expense 80,575,241 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: State Revolving Fund loans (4,568,756) Capital leases (2,521,009) Total debt proceeds (7,089,765) 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 19,434,340 State Revolving Fund loan repayments/forgiveness 12,073,394 Capital lease payments 1,774,473 Total long-term debt repayment 33,282,207 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 increased by this amount this year. 2,092,126 (Continued) -36-