115 / 373
38g
Property, furniture and equipment of the GHDP are stated at cost and are depreciated over their useful lives on a straight-line
basis as follows: Buildings, 27 years; Furniture and Equipment, 3-5 years.
Capital assets also include intangible assets which are described in D. 5.
7. Deferred Outflows/Inflows of Resources and Unearned Revenues
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of
resources. This separate financial statement element,
Deferred Outflows of Resources
, represents a consumption of net
position that applies to a future period and so will not be recognized as an expense or expenditure until then. The City has
three items that meet this criterion, an unamortized loss on bond defeasance for General Obligation and Water and Sewer
Refunding bonds, the accumulated decrease in fair value of hedging derivatives for Series 1998 General Obligation bonds
and contributions made to the pension plan in the 2016 fiscal year. In addition to liabilities, the statement of financial
position will sometimes report a separate section for deferred inflows of resources. This separate financial statement
element,
Deferred Inflows of Resources,
represents an acquisition of net position that applies to a future period and so will
not be recognized as revenue until then. The City has certain items that meet the criterion for this category – prepaid taxes,
prepaid assessments and deferrals of pension expense that result from the implementation of GASB Statement No. 68. In
addition, property tax and other accounts receivable are included at the fund level in the financial statements.
The City reports unearned
revenue on its government-wide and fund financial statements. Unearned revenues arise when
potential revenue does not meet both the “measureable” and “available” criteria for recognition in the current period (fund
financial statements). Unearned revenues also arise when resources are unearned by the City and received before it has a
legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures (fund financial
statements and government-wide financial statements). In subsequent periods, when both revenue recognition criteria are
met, or when the City has a legal claim to the resources, the liability for unearned revenue is removed from the applicable
financial statement and revenue is recognized.
Deferred Outflows/Inflows of Resources and Unearned Revenues in the fund and basic financial statements at June 30, 2016
are composed of the following:
Fund Financial Statements
Deferred Outflows of Resources
Proprietary Funds
Unamortized Bond Refunding Charges
Water Resources Fund
4,051,634
$
Pension Deferrals:
Water Resources Fund
$2,104
Stormwater Management Fund
404
War Memorial ColiseumFund
819
Solid Waste Management Fund
224
Other Non-Major Enterprise Fund
75
Internal Service Funds
1,363
4,989
Current Year Pension Contributions:
Water Resources Fund
942,446
Stormwater Management Fund
181,216
War Memorial ColiseumFund
367,051
Solid Waste Management Fund
100,568
Other Non-Major Enterprise Fund
33,612
Internal Service Funds
610,641
2,235,534
Subtotal Deferred Outflows of Resources
6,292,157
$