120 / 373
38l
At June 30, 2016, net position restricted by enabling legislation includes:
Water Resources Capital Reserve
7,914,239
$
Solid Waste Capital Reserve
1,138,058
$
Parking Facilities Capital Reserve
643,026
$
Unrestricted Net Position
represents net position that does not meet the definitions of “Restricted” or “Net Investment in
Capital Assets”. Unrestricted net position may be assigned or committed for management’s or the Board’s specific internal
purposes. Unrestricted net position does not equate to net position available for appropriation which is calculated using
statutory guidelines.
11. Pensions
For purposes of measuring the net pension asset (liability), deferred outflows of resources and deferred inflows of resources
related to pensions, and pension expense, information about the fiduciary net position of the Local Governmental Employees’
Retirement System (LGERS) and additions to/deductions from LGERS’ fiduciary net position have been determined on the
same basis as they are reported by LGERS. For this purpose, plan member contributions are recognized in the period in
which the contributions are due. The City of Greensboro’s employer contributions are recognized when due and the City of
Greensboro has a legal requirement to provide the contributions. Benefits and refunds are recognized when due and payable
in accordance with the terms of LGERS. Investments are reported at fair value.
12. Accounting Changes and Reclassifications
In accordance with Governmental Accounting Standards Board (GASB) Statement 73, the City reclassified assets of the Law
Enforcement Officers’ Special Separation Allowance Trust fund to the General Fund. As a result, fund balance for the
General Fund increased by $6,379,625 and net position for governmental activities increased by $408,311.
II. Reconciliation of Government-Wide and Fund Financial Statements
A. Explanation of certain differences between the governmental fund balance sheet and the government-wide
statement of net position.
The governmental fund balance sheet includes reconciliation between
fund balance – total governmental funds
and
net
position – governmental activities
as reported in the government – wide statement of net position. One element of that
reconciliation explains that “long-term liabilities, including bonds payable, are not due and payable in the current period and
therefore are not reported in the funds.”
The details of this $226,709,323 difference (including Premium of $5,751,153 and unamortized bond refunding charges of
$226,280) are as follows:
Bonds and Notes Payable
171,060,741
$
Certificates of Participation Payable
6,262,719
Limited Obligation Bonds and Notes Payable
26,401,866
Lease Purchase and Other Financing Agreements Payable
4,942,297
Compensated Absences Payable
11,173,432
Accrued Interest Payable
1,629,433
OPEB Liability
5,238,835
Combined Adjustment
226,709,323
$
B. Explanation of certain differences between the governmental fund statement of revenues, expenditures, and change
in fund balances and the government-wide statement of activities.
The governmental fund statement of revenues, expenditures, and changes in fund balances include reconciliation between
net
changes in fund balances – total governmental funds
and
changes in net position of governmental activities
as reported in the
government-wide statement of activities. One element of that reconciliation explains that “Governmental funds report capital