| Reconciliation of the Statement of Revenues, Expenditures and Changes | ||
| in Fund Balances of Governmental Funds to the Statement of Activities | ||
| June 30, 2003 | ||
| (Expressed in Thousands) | ||
| Net Change in Fund Balances - Total Governmental Funds | $30,490 | |
| Amounts reported for governmental activities in the Statement of Activities | ||
| are different because: | ||
| Bond proceeds provide current financial resources to governmental funds. However, | ||
| issuing debt increases long term-liabilities in the Statement of Net Assets. Bond | ||
| proceeds were received this year from: | ||
| Bonds Issued | (1,804,145) | |
| Refunding Bonds Issued | (745,669) | |
| Premium on Bonds Issued | (124,606) | (2,674,420) |
| Repayment of long-term debt is an expenditure in the governmental funds, but the | ||
| repayment reduces long-term liabilities in the Statement of Net Assets. Long-term debt | ||
| repayments this year consisted of: | ||
| Principal Retirement | 904,658 | |
| Payments to Refunded Bond Escrow Agent ($4,668 reported in debt service) | 781,265 | |
| Capital Lease Payments | 9,985 | 1,695,908 |
| Capital outlays are reported as expenditures in the governmental funds. However, in the | ||
| Statement of Activities the cost of those assets is allocated over their estimated useful | ||
| lives and reported as depreciation expense. In the current period, these amounts are: | ||
| Capital Outlays | 1,047,212 | |
| Depreciation Expense | (639,576) | 407,636 |
| Some capital assets acquired this year were financed with capital leases. The amount | ||
| financed by leases is reported in the governmental funds as a source of financing, but | ||
| lease obligations are reported as long-term liabilities on the Statement of Net Assets. | (1,077) | |
| Inventories are reported as expenditures in the governmental funds when purchased. | ||
| However, in the Statement of Activities the cost of these assets is recognized when those | ||
| assets are consumed. This is the amount by which consumption exceeded purchases of | ||
| inventories. | (1,524) | |
| Some expenses reported in the Statement of Activities do not require the use of current | ||
| financial resources and therefore are not reported as expenditures in governmental | ||
| funds. These activities consist of: | ||
| Decrease in Accrued Interest | 1,106 | |
| Increase in Interest Accreted on Capital Appreciation Debt | (5,929) | |
| Amortization of Bond Premium | 14,099 | |
| Amortization of Loss on Debt Refundings | (9,231) | |
| Increase in Compensated Absences Liability | (6,787) | |
| Increase in Workers Compensation Liability | (20,462) | |
| Decrease in Claims and Judgements Liability | 113 | |
| Increase in Net Pension Obligation | (139,248) | (166,339) |
| Because some revenues will not be collected for several months after the state's fiscal | ||
| year ends, they are not considered "available" revenues and are deferred in the | ||
| governmental funds. Deferred revenues decreased by this amount this year. | (46,708) | |
| Internal service funds are used by management to charge the costs of certain activities, | ||
| such as insurance and telecommunications, to individual funds. The net revenue | ||
| (expense) of internal service funds is reported with the governmental activities. | 1,106 | |
| Debt issue costs are recorded as expenditures in the govenmental funds. However, | ||
| these costs are amortized over the life of the bonds in the Statement of Activities. | ||
| In the current year, these amounts are: | ||
| Debt Issue Costs Payments | 14,069 | |
| Amortization of Debt Issue Costs | (1,550) | 12,519 |
| Change in Net Assets of Governmental Activities | $(742,409) | |
The accompanying notes are an integral part of the financial statements.