|
CITY OF SOUTH BEND
<br />NOTES TO FINANCIAL STATEMENTS
<br />(Continued)
<br />Cash, cash equivalents, and investments
<br />Balance
<br />Repair fund
<br />$ 154,991
<br />Customer deposits
<br />1,211,854
<br />Cash with fiscal agent
<br />247,576
<br />Revenue bond operations and maintenance account
<br />8,581,898
<br />Capital outlay accounts
<br />8,082,028
<br />Capital outlay accounts - investments
<br />804,700
<br />Repair fund receivable
<br />141,802
<br />Interfund receivables
<br />87,467
<br />Interest receivable
<br />18,091
<br />Total restricted assets $ 19,330,407
<br />K. Restatements and Reclassifications
<br />For the year ended December 31, 2003, certain changes have been made to the financial state-
<br />ments to more appropriately reflect financial activity of the primary government. The following sched-
<br />ule presents a summary of restated beginning balances. Prior period adjustments include govern-
<br />mental activities' capital assets, net of accumulation, restated to correct the balance at January 1,
<br />2003. Also, the Wastewater Utility construction in progress account included some items previously
<br />charged to expense prior to 2003.
<br />Balance
<br />Balance
<br />as Reported Prior
<br />as Restated
<br />December 31, Period
<br />January 1,
<br />Fund Type 2003 Adjustments
<br />2003
<br />Governmental activities:
<br />Net assets $ 55,286,402 $ 4,080,657) $ 51,205,745
<br />Proprietary:
<br />Net assets $ 131,624,985 $ (1,449,250) $ 130,175,735
<br />L. Gain on Sale /Leaseback of Leighton Parking Garage
<br />During 2000, the City completed construction of the Leighton Parking Garage and capitalized the cost
<br />of the garage, $11,439,712, in the Parking Garage Fund, an enterprise fund. On December 1, 2000,
<br />the City sold the garage to the South Bend Transportation Company (TRANSPO) for $3,000,000 as
<br />part of a sale /leaseback agreement. The proceeds were receipted into the County Option Income Tax
<br />Fund. This fund is also making the future lease payments to TRANSPO.
<br />The present value of the lease, $1,960,044, is the new basis for the parking garage. As part of this
<br />sale /leaseback, the Parking Garage Fund recognized a deferred loss of $8,439,712, which is being
<br />amortized over the fifteen year life of the lease.
<br />49
<br />
|