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COUNTY OF HAWAII <br />Reconciliation of the Change in Fund Balances of Governmental Funds <br />to the Statement of Activities <br />For the Fiscal Year Ended June 30, 2014 <br />Net change in fund balances - total governmental funds $ 10,403,866 <br />Amounts reported for governmental activities in the statement of activities are <br />different because: <br />Capital outlays are reported as expenditures in governmental funds. <br />However, in the statement of activities, the cost of capital assets is <br />allocated over their estimated useful lives as depreciation expense. In <br />the current period, these amounts are: <br />Capital outlay 54,801,851 <br />Dedicated and contributed property 24,540,091 <br />Depreciation expense and loss on disposals (36,952,455) <br />Excess of capital outlay over depreciation expense 42,389,487 <br />Borrowings provide current financial resources to governmental funds; <br />however, issuing debt increases long-term liabilities in the statement <br />of net position. In the current period, proceeds were received from: <br />State Revolving Fund loans (3,072,577) <br />Capital leases (13,817) <br />Total debt proceeds (3,086,394) <br />Repayment of long-term debt is reported as an expenditure in governmental <br />funds, but the repayment reduces long-term liabilities in the statement of <br />net position. In the current year, these amounts consist of: <br />Bond principal retirement 16,648,372 <br />State Revolving Fund loan repayments 1,026,222 <br />Capital lease payments 1,337,996 <br />Total long-term debt repayment 19,012,590 <br />Because some revenues will not be collected for several months after the <br />County's fiscal year end, they are not considered "available" revenues and <br />are "deferred" in the governmental funds. Unearned revenues decreased by <br />this amount this year. (2,171,662) <br />(Continued) <br />-36- <br />