Help for Exhibit J
Miscellaneous Special Revenue Fund
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Beginning with School Year 2002-03, the Expendable Trust Fund and the Non-Expendable Trust Fund have been replaced by the Permanent Fund, the Special Revenue Fund and the Private Purpose Trust Fund. See OSC June 2002 Accounting Release at the OSC website
Total Assets is the sum of CMT021, CMTT023 and CMT048. This figure must agree with Total Liabilities and Fund Balance CMT099.
General Summary for ENTRY 17 through ENTRY 26 (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.
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.
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.
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).
This entry must be NEGATIVE or 0.
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.
The Total Fund Balance recorded here should agree with the value for the ending Fund Balance, June 30, 2011 on Statement J1 Analysis of Fund Balance.
Total Liabilities and Fund Balance is the sum of CMT065 and CMT095. This figure must agree with Total Assets CMT049.
Help for Statement J1 - Miscellaneous Special Revenue Fund