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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />Deferred revenues <br />Bonds payable <br />Less: Deferred charge on refunding (to be amortized <br />as interest expense) <br />Less: Issuance discount (to be amortized as <br />interest expense) <br />Capital leases payable <br />Notes payable <br />Net pension obligation <br />Accrued interest payable <br />Compensated absences payable <br />Net adjustment, long-term liabilities not due and payable <br />in the current period <br />$ 9,066,584 <br />(74,825,497) <br />380,665 <br />571,090 <br />(3,455,652) <br />(8,172,424) <br />(40,669,182) <br />(1,782,387) <br />(3,250,398) <br />$ (122,137,201) <br />B. Explanation of Certain Differences Between the Governmental Fund Statement of Revenues, <br />Expenditures and Changes in Fund Balances and the Government-Wide Statement of Activities <br />The governmental fund statement of revenues, expenditures, and changes in fund balances includes <br />a reconciliation between net changes in fund balances -total governmental funds and changes in net <br />assets governmental activities as reported in the government-wide statement of activities. The details <br />of two of the elements are as follows: <br />Capital outlay $ 15,196,355 <br />Depreciation expense (3,704,636) <br />The amount. by which capital outlays exceeded <br />depreciation expense in the current period $ 11,491,719 <br />Long-term debt incurred during the current period: <br />Revenue bonds <br />Loans <br />Capital leases <br />Bond issue costs on revenue bonds <br />Bond discount on revenue bonds <br />Principal debt payments: <br />Revenue bonds <br />Loans <br />Capital leases <br />Amortization expenses <br />The amount of the net effect of differences in the <br />treatment of long-term debt and related items <br />$ (6,620,000) <br />(5,462,906) <br />(755,000) <br />150,221 <br />66,200 <br />4,883,106 <br />330,482 <br />771,249 <br />(202,162) <br />$ (6,838,810) <br />35 <br />