Exhibit A - General Fund Balance Sheet

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School Districts Accounting and Reporting Manual

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(ENTRY 8) A223

Cash with Fiscal Agent. The balance in this account represents amounts held by the fiscal agent for payment on principal and interest on outstanding obligations. The balance should agree with the balance in A629, Bond Interest and Matured Bonds Payable.

 

(ENTRY 15) A342
Enter Allowance for Uncollectible Taxes as a positive number. The system will convert positive entries to negative values and add to AT026.

(ENTRY 16) AT034

Net Taxes Receivable is the sum of Total Taxes Receivable (AT026) plus Allowance for Uncollectible Taxes (A342) (expressed as a negative number).

 

(ENTRY 18) A389

Enter Allowance for Receivables as a positive number. The system will convert positive entries to negative values and add to AT038.

 

(ENTRY 19) AT038

Net Accounts Receivable is the sum of Accounts Receivable (A380) plus Allowance for Receivables (A389) (expressed as a negative number).

 

(ENTRY 32) AT049

Total Assets is the sum of AT021, AT023, AT034, AT038, AT044, AT045, A455 and A480.

 

(ENTRY 35) A620

Tax Anticipation Notes Payable recorded here should agree with the value calculated as TANS Outstanding End of Fiscal Year on Supplemental Schedule SS-1, Schedule of Indebtedness.

 

(ENTRY 36) A621

Revenue Anticipation Notes Payable recorded here in addition to Code H621, Revenue Anticipation Notes Payable in the Capital Fund should agree with the value calculated as RANs Outstanding End of Fiscal Year on Supplemental Schedule SS-1, Schedule of Indebtedness.

 

(ENTRY 37) A622

Budget Notes Payable recorded here should agree with the value calculated as Budget Notes Outstanding End of Fiscal Year on Supplemental Schedule SS-1, Schedule of Indebtedness.

 

(ENTRY 38) A626

Bond Anticipation Notes Payable recorded here in addition to Code H626, Bond Anticipation Notes Payable in the Capital Fund should agree with the value calculated as BANs Outstanding End of Fiscal Year on Supplemental Schedule SS-1, Schedule of Indebtedness.

 

(ENTRY 39) A629

The balance in this account represents unpaid principal and interest on matured bonds. This account should agree with the balance in A223 Cash with Fiscal Agent. The balance should not be recorded on maturity schedules such as Supplemental Schedule SS-1, Schedule of Indebtedness because the balance is matured debt.

 

(ENTRY 49) A692

Deferred Revenues - Planned Balance. Amount recorded here will be transferred to Planned Balance (Non-City), Line 4, on the Supplemental Schedule SS-5, General Fund Tax Levy. Also, this amount is transferred to the subsequent year Schedule A3, General Fund Revenues, Line 2, Appropriation of Planned Balance (A1040).

 

(ENTRY 51b) A695

Report here tax revenues collected in excess of the maximum allowable tax levy limit, which must be placed into a reserve to be used to offset the tax levy for the following fiscal year.

 

(ENTRY 53) AT070

Total Liabilities and Deferred Revenues is the sum of AT065 and AT069.

 

(ENTRY 54) A806 New Fund Balance Codes per GASB 54

General Summary for ENTRY 54 through ENTRY 78  (SEE ALSO OSC BULLETIN APRIL 2011)

 

GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, is significantly changing the component classifications of fund balance for the governmental funds.  The fund balance/net asset codes will need to be revised to incorporate the five new components of fund balance (i.e., nonspendable, restricted, committed, assigned, and unassigned).  In addition, many of the previous classifications will no longer apply and should be removed (i.e., reserve for inventories, reserve for prepaid items, reserve for encumbrances, other reserved fund balance, designated fund balance, and unreserved fund balance).  Finally, while the net asset codes (i.e., invested in capital assets - net of related debt, restricted net assets, and unrestricted net assets) are not being changed, there will need to be a shift in the numerical coding structure to incorporate all of the aforementioned changes.

 

Historically, fund balance for governmental funds has used two main categorizations - reserved and unreserved.  Furthermore, unreserved fund balance could optionally be further sub-classified as designated or undesignated.  All of these classifications focused on fund balance from the perspective of its availability for appropriation.  In other words, fund balance classifications represented the appropriable or non-appropriable nature of the fund’s financial equity.

 

Under GASB Statement No. 54, the classification of fund balance will now be from the perspective of the underlying resources within fund balance.  Simply put, these new components of fund balance will identify constraints on how resources can be spent and the sources of those constraints.  The new components of fund balance will be nonspendable, restricted, committed, assigned, and unassigned.  Each of these components has very specific definitions and there is little, if any, direct link between the ”old” components of fund balance and the new ones.

 

(ENTRY 56) AT080

Total Nonspendable Fund Balance - The nonspendable fund balance classification includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact.  This would include items not expected to be converted to cash including inventories and prepaid amounts.  It may also include the long-term amount of loans and receivables, as well as property acquired for resale and the corpus (principal) of a permanent fund.

 

(ENTRY 65) A867

Reserve for Employee Benefits and Accrued Liabilities - An expenditure may be made from this (reserve) fund for the payment of all or part of the cost, including interest, of: (a) the cash payment of the monetary value of accumulated or accrued and unused sick leave, holiday leave, vacation leave, time allowance granted in lieu of overtime compensation and other forms of payment for accrued leave time and benefits due to a municipal employee upon termination of municipal employment and separation from service as required by ordinance, local law, collective bargaining agreement or section six of the civil service law. (b) the reasonable costs of the administration of the reserve fund. (c) expert or professional services rendered in connection with the investigation, adjustment or settlement of claims, actions or judgments relating to claims for accrued employee benefits as defined in this section. (General Municipal Law, 6-p.)

 

(ENTRY 70) AT092

Total Restricted Fund Balance - The restricted fund balance classification should be reported when constraints placed on the use of resources are either (a) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments or (b) imposed by law through constitutional provisions or enabling legislation.

 

(ENTRY 72) AT093

Total Committed Fund Balance - The committed fund balance classification reflects specific purposes pursuant to constraints imposed by formal action of the district’s highest level of decision-making authority (generally the governing board).  Also, such constraints can only be removed or changed by the same form of formal action.

 

(ENTRY 75) AT094

Total Assigned Fund Balance - The assigned fund balance classification reflects amounts that are constrained by the government’s intent to be used for specific purposes, but meet neither the restricted nor committed forms of constraint.  Also, the assigned fund balance classification is the residual classification for the special revenue, debt service, capital projects, and/or permanent funds (unless that amount is negative, which would require presentation as unassigned fund balance).

 

(ENTRY 78) AT096

Total Unassigned Fund Balance - The unassigned fund balance classification is the residual classification for the general fund only.  It is also where negative residual amounts for all other governmental funds would be reported.

 

(ENTRY 79) AT095

Total Fund Balance is the sum of AT090 and AT091. The Total Fund Balance recorded here should agree with the value for Fund Balance, June 30, 2017 on Statement A3, General Fund, Analysis of Fund Balance.

 

(ENTRY 80) AT099

Total Liabilities, Deferred Revenues and Fund Balance is the sum of AT070 and AT095. In addition this value must agree with Total Assets (AT049).

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