Chap 004

Chapter 04 - Accounting for Governmental Operating Activities—Illustrative Transactions and Financial Statements

CHAP CHAPTE TER R 4:

ACCO ACCOUN UNTI TING NG FOR FOR GO GOVE VERN RNME MENT NTAL AL OPER OPERAT ATIN ING G ACTIVITIES ILLUSTRATIVE TRANSACTIONS TRANSACTIONS AND FINANCIAL STATEMENTS OUTLINE

Number

Topic

TypeT!"#

S$!$u" %re: &'e(

!ual effects of transactions Statement of net assets vs' governmental fund (alance sheet *enefits of encum(rance procedure ,ropert ta# revenue Cash (asis (udgets and GAA, "#penditures vs' e#penses for supplies Contrast and compare ad valorem and derived ta# revenues 1tili2ation of interim financial reports ,ermanent funds Classes of none#change transactions

"#plain$ e#amples "#plain

%evised 4-) revised

"#plain Compute "#plain "#plain "#plain

4-+ 4-4 revised 4-. revised 4-/ revised 4-

"#plain !escri(e !escri(e

4-3 4-0 e5

Anal2ing results of operations ,olic issues relating to propert ta#es %eporting internal service fund information %ecognition and reporting of a multipurpose reim(ursement grant E+erci"e"Prob,em":

Anal2e$ 5rite Anal2e$ 5rite "#plain$ 5rite Anal2e$ e#plain

Same %evised Same Same

4- 4-& 4-) 4-4 4-.

"#amine 7ultiple Choice 9"s Calculate$ 9"s Calculate$ 9"s

Same e58 revised e5 4-4 4-) revised

Anal2e$ 9"s Anal2e$ 9"s

"4-.$ 4-/ revised 4-+ revised

9"s and schedule

4-3 revised

9"s 9"s and and st stateme ement

4- revised 4-0 revis vised

9"s and statements

4- revised

)ue"$io*": 4- 4-&

4-) 4-4 4-. 4-+ 4-/ 4- 4-3 4-0 C!"e": 4- 4-& 4-) 4-4

4-+ 4-/ 4- 4-3 4-0 4-

"#amine the CAF% 6arious %ecording purchase orders8 receipt of goods ,ropert ta# calculations and :ournal entries Calculation of re;uired ta# anticipation financing and recording issuance of TAs Ad:usting and closing entries Special revenue fund and voluntar none#change transactions Transactions and (udgetar comparison schedule Interfund and interactivit transactions Operating transactions and General Fund (alance sheet ,ermanent fund accounting

4-


CHAP CHAPTE TER R 4:

ACCO ACCOUN UNTI TING NG FOR FOR GO GOVE VERN RNME MENT NTAL AL OPE OPERA RATI TING NG ACTIVITIES-ILLUSTRATIVE ACTIVITIES-ILLUS TRATIVE TRANSACTIONS TRANSACTIONS AND FINANCIAL STATEMENTS

Ans5ers to
1nder 1nder the GAS* GAS* fina financi ncial al repor reportin ting g model$ model$ gover governme nmenta ntall activi activiti ties es are are reporte reported d on a long-term perspective at the government-5ide level using the economic resources measurement focus and the accrual (asis ( asis of accounting$ similar to (usiness accounting' This means that (oth current and noncurrent n oncurrent assets and lia(ilities are reported on the statement of net position' position' %evenues and e#penses$ recogni2ed on the accrual (asis$ are reported on the statement of activities' Conversel$ the General Fund reports on a shortterm perspective using the current financial resources measurement focus and the modified accrual (asis of accounting' accounting' Therefore$ the General Fund reports onl current assets and lia(ilities' lia(ilities' %evenues and e#penditures and other financing sources and uses$ recogni2ed on the modified accrual (asis$ are reported on the statement of revenues$ e#penditures$ and changes in fund (alances' "#amples of transactions or events that are recorded onl in the General Fund general :ournal include (udgetar entries and encum(rance transactions' "#amples of transactions that are recorded onl in the governmental activities general :ournal include depreciation e#pense on general capital assets and accrual of interest on long-term de(t =as discussed in Chapter +>' ,urchases of goods and services$ salaries and 5ages$ and most revenue items are e#amples of transactions that are recorded in (oth the General Fund general :ournal and the governmental activities :ournal'

4-&'

The prima primar r differe difference nce is is that that the the governm government-5i ent-5ide de statem statement ent of net position position focuses focuses on total economic resources$ recogni2ed on the accrual (asis of accounting8 5hereas$ the General Fund focuses on current financial resources$ recogni2ed on the modified accrual (asis of accounting' For that reason$ (oth noncurrent and current assets and lia(ilities are reported on the government-5ide statement of net position$ (ut onl current assets and lia(ilities are reported on the General Fund (alance sheet' Another difference is that the statement of net position aggregates all governmental activities =including General Fund$ special special revenue$ capital pro:ects$ pro:ects$ de(t service$ permanent funds$ and some internal service funds> and reports those in one column$ 5hereas the (alance sheet for governmental go vernmental funds presents a column for the General Fund$ each ma:or fund$ and one column for all all other nonma:or funds' A further difference is that the statement of net position can (e presented either in the net position format =assets and deferred outflo5s of resources$ if an$ minus lia(ilities and deferred inflo5s of resources$ if an$ e;uals net position> or the traditional format =assets e;uals lia(ilities plus net position>'

4-)' 4-)'

The use use of encum encum(ra (rance nce proced procedure uress earma earmar?s r?s a porti portion on of the the remain remaining ing (udget (udgetar ar appropriation 5hen a purchase order is issued or a contract for services is signed$ thus alerting departmental officials and finance department personnel that a portion of the authori2ation is no longer availa(le' availa(le' @ithout the encum(rance$ it is al5as possi(le that

4-&


Ch' 4$ Ans5ers$ 4-) =Contd>

another purchase order or contract 5ill (e issued that could e#ceed the remaining availa(le appropriation for that line item in a particular p articular department' 4-4' 4-4'

!isagr !isagree' ee' The mar? mar?et et value value of real real proper propert t ma ma fall fall (elo5 (elo5 accum accumula ulated ted ta#es ta#es$$ intere interest$ st$ and penalties applica(le to the propert$ propert$ causing some ta#paers to default' ,ersonal propert$ such as vehicles$ (oats$ and animals$ ma (e destroed or removed from the ta#ing :urisdiction' It ma$ therefore$ therefore$ (ecome economicall infeasi(le infeasi(le for the government to pursue collection of these ta#es'

4-.' 4-.'

B+$/& B+$/&0$ 0$000 000 B+$/&0$000 B+$/&0$000 B+$/&0$000 gross lev

4-+' 4-+'

To facili facilitat tatee a true (udget (udget and and actual actual compa comparis rison$ on$ govern governmen ments ts shoul should d present present actua actuall revenues and e#penditures on the same (asis the la5 re;uires for (udget preparation' The (udget (asis for revenues is often the same as GAA,$ (ut some :urisdictions ma$ for e#ample$ recogni2e revenues on the cash (asis (asis rather than modified modified accrual' The (udget (asis for e#penditures often adds encum(rances to e#penditures$ 5hereas in the GAA,-(asis operating statement onl e#penditures e#penditures are reported' Conse;uentl$ (udget (asis e#penditures 5ill often e#ceed GAA,-(asis e#penditures ( the amount of encum(rances outstanding'

4-/' 4-/'

The purch purchase asess method method is consi consiste stent nt 5ith 5ith the modif modified ied accru accrual al (asis (asis of accou accounti nting ng as an e#penditure is recogni2ed for the full cost of supplies 5hen purchased$ regardless of the amount used during the ear' The consumption method is consistent 5ith the accrual (asis of accounting as an e#penditure or e#pense is recogni2ed for the cost of supplies used during the ear' Some governments prefer to use use the purchases method in the General Fund$ since it is more consistent 5ith the modified accrual (asis used for (udgeting' At the government-5ide level$ GAS* standards re;uire the use of accrual accounting' The purchases method method 5ould therefore (e inappropriate at the the government5ide level'

4-' 4-'

*ecaus *ecausee activi activitie tiess of the the General General Fund Fund and and Cit Cit i(rar i(rar  Fund are are (oth (oth repor reported ted in in the Governmental Activities column at the government-5ide level$ the B.$000 receiva(le ( the General Fund and paa(le ( the Cit i(rar Fund are off-setting and are not reported at the government-5ide level' o5ever$ since activities of the Cit "lectric "lectric Fund are reported in the *usiness-tpe Activities column at the government-5ide level$ the B$000 (alance o5ed is a receiva(le of one column =Governmental Activities> and a paa(le of another column =*usiness-tpe Activities>' The amounts are reported as a single line item in the Assets section of the statement of net position called Internal *alances$ reporting B$000 in the Governmental Activities column and =B$000> in the *usiness-tpe Activities column'

 gros grosss lev lev - ='04 ='04 D gros grosss lev lev>>  = = - '04> D gross lev  '3+ D gross gross lev  B+$/&0$000E'3+  B/$000$000'

4-)


Ch' 4$ Ans5ers =Contd>

4'3'

,ermanent funds and special revenue funds are (oth governmental fund tpes' If a public-purpose trust re;uires that the principal amount of the contri(ution not (e e#pended$ (ut that earnings on the principal =as defined in the trust agreement or ( la5> can (e e#pended for a specified purpose$ the trust must (e accounted for in a permanent fund' On the other hand$ if the pu(lic-purpose trust permits (oth the principal of the contri(ution and all earnings to (e e#pended for the specified purpose$ then a special revenue fund is used' If a trust provides (enefit to an e#ternal part$ organi2ation$ or other government$ it is a private-purpose trust and must (e recorded in a private-purpose trust fund—a fiduciar fund tpe'

4'0'

As sho5n in the Appendi# to Chapter 4$ the four classes of none#change transactions are => derived ta# revenues$ =&> imposed none#change revenues$ =)> government-mandated none#change transactions$ and =4> voluntar none#change transactions' For derived ta# revenues$ such as sales and similar ta#es$ revenues should (e recogni2ed 5hen the underling e#change =e'g'$ sale of goods or services> has occurred' %evenues for imposed none#change revenues should (e recogni2ed 5hen resources are re;uired to (e used or the first period that use is permitted' For (oth government-mandated and voluntar transactions$ revenues =and e#penses or e#penditures for the other part> should (e recogni2ed in the period 5hen all eligi(ilit re;uirements$ such as meeting matching re;uirements$ have (een met$ unless received =or paid> in advance of use in a follo5ing period' If received in advance$ the receipt should (e reported as deferred revenue$ 5hich 5ill then (e reclassified as revenue in the period of use'

Solutions to CasesH 4-'

a'

Students 5ill e#amine different governments$ (ut in all cases there should (e a significant difference (et5een the change in the total fund (alances of governmental funds and the change in net position of governmental activities' A simple evaluation of a positive change or increase is that it represents good ne5sJ 5hile a decrease in fund (alances or net position represents (ad ne5s'J This initial assessment should al5as (e ;ualified until further analsis is done to determine 5hether the government had planned for that outcome' Changes in net position at the government-5ide level 5ill include such items as depreciation of general capital assets and amorti2ation of (ond discounts and premiums' Changes in the fund (alances of governmental funds 5ill include ne5 ac;uisitions of capital assets that have (een recorded as e#penditures for the current ear =as 5ell as sales of capital assets>$ and proceeds of (ond issuances' In addition$ the net revenue of certain internal service fund =ISF> activit 5ill (e reflected in governmental a ctivities net position$ (ut not governmental funds fund (alances$ as the ISF is a proprietar fund'

b.

"ncourage students to e#amine the %econciliation of the Statement of %evenues$ "#penditures$ and Changes in Fund *alances—Governmental Funds to the Statement of Activities =see Illustration A&-+>' The should recast the information in this statement in plain "nglishJ to (e included in their memo' The nature of the stor to (e told is that the government is accounta(le for spending 5ithin its legal 4-4


Ch' 4$ Solutions$ Case 4-$ b. =Contd>

authori2ation as presented in the (udget$ and governmental fund financial statements are designed to sho5 this fiscal accounta(ilit' On the other hand$ government managers are also accounta(le for the operations of the government 5ith a vie5 to5ard the government as a 5hole and its long-term financial condition$ and the government-5ide statements are designed to meet this need' 4-&'

This is a case for 5hich there is no rightJ ans5er' %ather students should (e given credit for ho5 5ell the identif$ develop$ and communicate pertinent issues$ and on the ;ualit of their analsis' Some students ma ;uestion 5h this case is relevant to accountants' 7an students can e#pect to 5or? in the future for a government or to audit governments' Accountants serve a vital role in providing the financial information and analses upon 5hich revenue pro:ections and ta# lev needs are (ased' At the ver least$ 5e are all ta#paers' So there are issues in this case that all of us$ as ta#paers$ ma face during our lifetimes' a. => 7ost students should see their ta# situation during the first t5o ears of the prerecession period in a ver favora(le light' After all$ 5ho 5ouldnt (e delighted to find their propert ta#es declining 5hile the mar?et value of the same propert is increasingK This is a time 5hen such ta#paers 5ill (e ver ;uiet$ (eing careful not to divulge to their neigh(ors ho5 much propert ta# the are paing since there is a good chance some of their neigh(ors are paing significantl more' =&> 7an 5ould (e alarmed to see that the assessed valuation of their propert increased ( ). percent$ (ut might (e relieved to see that the amount 5ould (e phased in e;uall over the ne#t three ears' *ecause the increase onl (rings the assessed valuation of their propert in line 5ith mar?et value$ the level of concern li?el 5ould not 5arrant an appeal to the ";uali2ation %evie5 Commission' After all$ for t5o ears the ta#paer had (een paing lo5er propert ta#es than man other ta#paers 5ith similar propert' =)> This is the time that the student$ as propert o5ner$ should (e getting ver concerned' On top of o5ing more than the propert is 5orth$ heEshe is facing an increasing propert ta# pament' 7an ta#paers could (e e#pected to appeal to the commission in hopes of o(taining a decrease in the assessed valuation of their propert' o5ever$ if the commission loo?s at the full five ears an appeal might (e dismissed' Also$ if the ta#paer happens to (e a politicall visi(le individual of the 5rong part$ chances of a successful appeal could (e diminished' @elcome to the real 5orldL b' => @hile it ma (e tempting to leave the ta# rate unchanged during the period propert ta#es are increasing$ state la5 in this case effectivel mandates a rate roll(ac? to ensure that overall propert ta# revenues do not increase ( more than 0 percent in an ear' Also$ propert o5ners 5hose properties have recentl (een reassessed up5ard can (e e#pected to lo(( their council mem(ers or testif at (udget hearings for a reduction in the propert ta# rate' Since it is in the cit managers interest to maintain the revenue (ase as high as possi(le$ her or his 4-.


Ch' 4$ Solutions$ Case 4-&$ b. =Contd>

efforts should (e focused on minimi2ing the ta# rate roll(ac?' SheEhe can argue that assessed values of propert are seldom snchroni2ed 5ith actual mar?et values$ so the rate roll(ac? should (e ?ept at a minimum to help deal 5ith uncertaint a(out future economic and mar?et conditions' =&> As it 5as for the propert o5ners$ the recessionar period is the period of greatest concern to the cit manager' %evenues from sources other than propert ta#es$ particularl sales ta#es$ 5ill (e declining sharpl during a severe recession' Thus$ 5hile the cit manager 5ould li?e to increase the propert ta# rate to offset declining revenues$ political opposition to an ?ind of ta# increase can (e e#pected' "ven restoring the propert ta# rate to its historical level$ after three ears of roll(ac?s during the pre-recession period$ might (e a politicall tough sell' The cit managers (est tactical approach might (e to focus on the normalJ propert ta# rate$ pointing out that ta# rates should return to their normal level follo5ing rate roll(ac?s during an economic ups5ing' "ven if the cit manager can persuade the cit council to approve onl a slight increase in the propert ta# rate$ that 5ould help to partiall offset the decline in other revenues' At an rate$ this case raises ones a5areness that in the government environment political considerations are often as important as economic considerations$ particularl during times of economic distress' Such situations almost al5as pose significant challenges for local government officials$ (oth elected and appointed' 4-)'

a. )ue"$io* &. This issue relates to the discussion of 9ournal "ntries )a and )( in this chapter' Meep in mind that the financial information for the internal service fund is usuall reported in the single Governmental Activities column of the government5ide financial statements' As a result$ from the perspective of the government as a 5hole$ the cost to the internal service fund to complete printing and signage :o(s is the actual cost to the government' An mar?up$ a(ove the cost of printing and signage$ paid ( governmental funds to the internal service fund simpl resides in the internal service fund$ and has not left governmental activities' )ue"$io* /. It seems almost natural that the (illings to departments should (e considered program revenues at the government-5ide level8 specificall$ charges for services since the are e#change transactions' o5ever$ this is not the case' An transactions (et5een funds for 5hich financial information is reported in the Governmental Activities column of the government-5ide statements have no net effect on governmental activities' Onl a transaction (et5een one of these funds and either an enterprise fund or an e#ternal entit =including fiduciar funds and discretel presented component units> 5ill have an net effect on governmental activities' On the other hand$ the e#penses incurred ( the internal service fund should (e reported as e#penses of each function or program in the proportion that function or program (enefited' The (illings to departments ma (e useful in recording the appropriate amounts of e#penses to apportion to the functions or programs that used the printing or signage'

4-+

Ch' 4$ Solutions$ Case 4-)$ a. =Contd>

)ue"$io* 0. It ma seem intuitive that 0 percent of the financial information of the ,rinting and Sign Fund should (e reported in the *usiness-tpe Activities column of the government-5ide financial statements and 30 percent should (e reported in the Governmental Activities column' o5ever$ GAS* standards and su(se;uent implementation guidance ma?e it clear that if the internal service fund predominantl serves governmental activities$ then all of its financial information should (e reported in the Governmental Activities column' ,resuma(l the resulting misstatement of amounts in the t5o columns of the government-5ide statement is not considered material'

b. 1nder the revised assumptions$ the ,rinting and Sign Fund no5 predominantl serves an enterprise fund' 1nder these circumstances$ all of the ,rinting and Sign Funds financial information should (e reported in the *usiness-tpe Activities column'

4-4'

a. Although it 5ould (e tempting to record a receiva(le and revenue =or$ perhaps$ deferred revenue> upon notification of approval$ that 5ould (e inconsistent 5ith GAS* guidance for voluntar none#change transactions' As e#plained under the heading Accounting for Operating Grants in the Special Revenue Funds section of this chapter$ and in Appendi# A$ an eligi(ilit re;uirement$ incurrence of allo5a(le costs$ 5as not met in the period in 5hich notification occurred' Conse;uentl$ no recognition of the grant is permitted until the period in 5hich ;ualifing e#pendituresEe#penses have (een incurred' b. In the period in 5hich e#penditures =e#penses at the government-5ide level> have (een made ( recipient programs$ e#penditures and revenues 5ill (e reported in the statement of revenues$ e#penditures$ and changes in fund (alances of the governmental funds' !epending on 5hich fund receives the grant revenues$ the 5ill (e reported in either the General Fund column or as a special revenue fund' If the :uvenile programs are accounted for ( one or more special revenue funds$ e#penditures and revenues 5ill (e reported in a separate column of the governmental funds statement of revenues$ e#penditures$ and changes in fund (alances if the special revenue fund meets the criteria as a ma:or fund' If the fund does not meet the criteria as a ma:or fund$ its information 5ill (e reported along 5ith the information of all other nonma:or governmental funds in a single column$ (ut 5ould (e reported in a separate column of the com(ining statement of revenues$ e#penditures$ and changes in fund (alances prepared for all nonma:or governmental funds' "#penses and revenues 5ill (e reported in the Governmental Activities column of the government-5ide statement of activities'

An important issue$ given the GAS* guidance ;uoted in the case$ is 5hether the grant reim(ursements should (e reported as program or general revenues in the statement of activities' GAS* resolved that issue in su(se;uent implementation guidance ( re;uiring that multipurpose grants$ such as the one descri(ed in this case$ (e reported as Operating Grants and Contributions of the appropriate programs or functions in the statement of activities—i'e'$ as program revenues' The reason given is that programEfunction classification can (e readil determined (ased on the programs for 5hich the e#penses 5ere initiall incurred'

4-/

Solutions to "#ercises and ,ro(lems 4-'

4-&'

The ans5ers 5ill differ from student to student$ since each has a different annual report' The instructor ma 5ish to have copies made of good e#amples of statements$ charts$ graphs$ informative schedules$ and ta(les' Some class discussion of the different presentations found ( students is 5orth5hile' As a suggestion$ ou ma as? students to carefull revie5 the government-5ide statement of net position and statement of activities and comment on the usefulness of those t5o statements' ' &' ). 4' .'

a' c' d. d ' b.

+' /. ' 3' 0'

d ' b' c. a. c'

4-

Ch' 4$ Solutions =Contd>

4-3.

CITY OF HICKORY HILLS General Ledger Debits Credits

Subsidiary Ledger Debits Credits

General Fund:

a.

!C"#$R%!CS&'()4 !C"#$R%!CS O"TST%!DI!G&'()4

*+,(( *+,((

Encumbrances Ledger:

G!R%L GO/R!#!T 1"$LIC S%FTY 1"$LIC 2ORKS C"LT"R %!D RCR%TIO! H%LTH %!D 2LF%R #ISCLL%!O"S

0'*(( )40,(( )3(4(( ,3(( 40(( )4'((

General Fund:

b.

!C"#$R%!CS O"TST%!DI!G&'()4 !C"#$R%!CS&'()4

*+,(( *+,((

Encumbrances Ledger:

G!R%L GO/R!#!T 1"$LIC S%FTY 1"$LIC 2ORKS C"LT"R %!D RCR%TIO! H%LTH %!D 2LF%R #ISCLL%!O"S 1!DIT"RS&'()4 /O"CHRS 1%Y%$L

0'*(( )40,(( )3(4(( ,3(( 40(( )4'(( *+0*( *+0*(

Expenditures Ledger:

G!R%L GO/R!#!T 1"$LIC S%FTY 1"$LIC 2ORKS C"LT"R %!D RCR%TIO! H%LTH %!D 2LF%R #ISCLL%!O"S /O"CHRS 1%Y%$L C%SH

03,'( )4,4( )3))4( 0,0( 3,( )43(( *+0*( *+0*(

4-3

Ch' 4$ Solutions$ 4-) =Contd>

c.

Te 5a6t tat te a6tual 67st 75 tese g77ds is 8)*( 97re tan te esti9ated 67st :en te g77ds :ere 7rdered is 75 n7 67nse;uen6e and 6ertainly d7es n7t indi6ate a budgetary 7r 9anage9ent
4-4. /illage 75 Darby a.

Re=enues > le=y ? @.(3  le=yA > .,  le=y > 8'++(((( Le=y > 8'++(((( B ., > 8',4''+0 @r7unded t7 nearest d7llarA Rate  @assessed =aluati7n B )((A > le=y Rate > le=y B @assessed =aluati7n B )((A Rate > 8',4''+0 B )3*,)43 > 8'.('
Credits

b.

T%S RCI/%$L&C"RR!T ',4''+0 STI#%TD "!COLLCTI$L C"RR!T T%S 0''+0 R/!"S '++((((

c.

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+((( *(33((

8*(3((

Chap 004

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