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Net Position/Fund Equity
Net Position on Government Wide Financial Statements – Exhibit A
Fund Equity, as defined in GASB Statement No. 34, “Basic Financial Statements
for State and Local Governments” is defined as net position and is classified in
the following categories:
l
Restricted—amounts constrained to specific purposes by their providers
(such as grantors, bondholders, and higher levels of government), through
constitutional provisions, or by enabling legislation.
l
Unrestricted – this balance area is the amount of equity which is not
included in the Restricted fund balance and the Investments in Capital
Asset balances.
l
Investment in Capital Assets, Net of Related Debt – This consists of
capital assets, net of accumulated depreciation and reduced by the
outstanding balances of any bonds, notes or other borrowings that are
attributable to the acquisi tion, construction or improvement of those
assets.
Fund Balances on Government Fund Financial Statements – Exhibit C
Beginning with fiscal year ended June 30, 2010, the District implemented GASB
Statement No. 54, “Fund Balance Reporting and Governmental Fund Type
Definitions.” This Statement provides more clearly defined fund balance
categories to make the nature and extent of the constraints placed on a
government’s fund balances more transparent. The following classifications
describe the relative strength of the spending constraints:
l
Nonspendable fund balance—amounts that are not in a spendable form
(such as inventory) or are required to be maintained intact.
l
Restricted fund balance—amounts constrained to specific purposes by
their providers (such as grantors, bondholders, and higher levels of
government), through constitutional provisions, or by enabling legislation.
l
Committed fund balance—amounts constrained to specific purposes by
the District itself, using its highest level of decision -making authority (i.e.,
District Board). To be reported as committed, amounts cannot be used for
any other purpose unless the Board takes the same highest level action to
remove or change the constraint.
l
Assigned fund balance
—
amounts the District intends to use for a specific
purpose. Intent can be expressed by the District Board or by an official or
body to which the District Board delegates the authority.
l
Unassigned fund balance—amounts that are available for any purpose.
Positive amounts are reported only in the general fund.
DRAFT