| Reconciliation of the Statement of Revenues, Expenditures and Changes | |||
| in Fund Balances of Governmental Funds to the Statement of Activities | |||
| June 30, 2014 | |||
| (Expressed in Thousands) | |||
| Net Change in Fund Balances - Total Governmental Funds | $99,369 | ||
| 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 Position. Bond | |||
| proceeds were received this year from: | |||
| Bonds Issued | (2,761,025) | ||
| Refunding Bonds Issued | (1,280,710) | ||
| Premium on Bonds Issued | (390,555) | (4,432,290) | |
| Repayment of long-term debt is an expenditure in the governmental funds, but the | |||
| repayment reduces long-term liabilities in the Statement of Net Position. Long-term debt | |||
| repayments this year consisted of: | |||
| Principal Retirement | 1,323,304 | ||
| Payments to Refunded Bond Escrow Agent | 1,353,471 | ||
| Capital Lease Payments | 9,225 | 2,686,000 | |
| 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 Activities | (8,827) | ||
| 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 and | |||
| other reductions were as follows: | |||
| Capital Outlays | 1,554,906 | ||
| Depreciation Expense | (1,010,420) | ||
| Retirements | (2,588) | 541,898 | |
| 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. | (20) | ||
| 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: | |||
| Increase in Accrued Interest | (17,225) | ||
| Increase in Interest Accreted on Capital Appreciation Debt | (5,186) | ||
| Amortization of Bond Premium | 191,822 | ||
| Amortization of Loss on Debt Refundings | (90,353) | ||
| Decrease in Compensated Absences Liability | 1,943 | ||
| Increase in Workers Compensation Liability | (31,926) | ||
| Increase in Claims and Judgments Liability | (2,629) | ||
| Increase in Landfill Liability | (35,751) | ||
| Increase in Net Pension Obligation | (147,994) | ||
| Increase in Net OPEB Obligation | (1,080,752) | (1,218,051) | |
| 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. Unearned revenues increased by this amount this year. | 10,831 | ||
| 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. | 3,417 | ||
| Debt issue costs are recorded as expenditures in the governmental 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 | |||
| Amortization of Debt Issue Costs | (82,783) | (82,783) | |
| Change in Net Position of Governmental Activities | $(2,400,456) | ||
The accompanying notes are an integral part of the financial statements.