5.9 SPECIAL CONSTRUCTION ACCOUNTS STATE TRANSPORTATION BONDS (OPTIONAL ENTRIES) NARRATIVE

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1 5.9 STATE TRANSPORTATION BONDS (OPTIONAL ENTRIES) NARRATIVE When a State Bond Grant has been awarded, the county has the option to set up a State Bond Grant and State Bond Deferred Revenue Accounts. These accounts are not required but are useful to track the balance of the Bond Grant. The State Auditor s Office may recommend these accounts be adjusted to zero at year end and re-established in the new-year. ACCOUNTS NEEDED (const exp) (revenue) (asset) (asset) (asset) (liability) (liability) - STATE BOND CONSTRUCTION EXPENSES (there will be numerous construction accounts) - STATE BOND CONSTRUCTION - REVENUE - CASH - STATE BOND CONSTRUCTION - RECEIVABLE - STATE BOND GRANT - CONTRACTS PAYABLE - STATE BOND - DEFERRED REVENUE SEQUENCE OF EVENTS PROJECT IS AWARDED Once the project is awarded the abstract is submitted to SALT with the bond eligible items identified. When the encumbrance letter is returned to the county the bond agreement and board resolution can be executed. Following the instructions on the SALT website complete three original agreement documents, inserting the board resolution and submit them to SALT. The initial State Aid Payment Request (SAPR) is submitted to State Aid indicating all funding sources for the project. If there is regular State Aid funding on the project entries for the receivable can be made. If the county chooses to track the bond grant as an asset the following entries will be made. Refer to page 5.13, Example A, #1 for a graphic display of this entry. record bond grant amount Credit Account: (liability) Bond Grant - Receivable Bond Grant - Deferred Revenue

2 5.10 WORK BEGINS ON THE PROJECT Work progresses and bond eligible items are certified. Payments are made to the contractor less retained funds in the same manner as a regular construction project. The following entries will need to be made to recognize the construction expense, contract payable, and the disbursement to the contractor. Refer to page 5.13, Example A, #2A & 2B for a graphic display of these entries. Recognize expense for work certified and record payable Debit Account: (const exp) Credit Account: (liability) State Bond Expense Record disbursement to contractor PARTIAL REIMBURSEMENT IS REQUESTED Once the county has incurred and paid certified work reimbursement can be requested using a SAPR and revenue recognized. Refer to page 5.13, Example A, #3A and #3B for a graphic display of these entries. Record state bond receivable for work certified State Bond Grant Recognize state bond revenue for work certified Credit Account: (revenue) State Bond - Deferred Revenue State Bond - Revenue Record receipt of state bond funds (95% of work certified) NOTE: According to State Bond Arbitrage laws 5% of the contract value must be withheld during the progress of the contract. If the contract is 100% bond funded, State Aid will only release 95% of the bond funds earned until the project is final. Revenue for these funds would be booked at the time it becomes certain and determinable, when work is certified. CAUTION: State bond revenue can only be recognized up to the grant amount. In cases where the bond eligible items overrun the grant amount they become county expense and no revenue can be recognized. In special cases it may be possible to request and receive additional grant funds, and then revenue could be increased.

3 5.11 Once the county has incurred and paid an expense, the county can recognize revenue and request partial payments for Bridge or Special State Bonding Funds. Refer to page 5.13, Example A, #3A, 3B, and 3C for a graphic display of these entries. PROJECT IS FINALED Numerous partial payments may be made to the contractor and SAPRs completed following the same process as in the steps above. The final SAPR must indicate that the project is final and request any remaining unpaid bond funds equal to the value of eligible work certified or the bond grant whichever is less. Upon final three main situations can occur relating to the bond funds. These are: A) - Project is completed exactly as estimated B) - Project overruns the original estimate C) - Project underruns the original estimate A) PROJECT IS COMPLETED AS ESTIMATED The remaining unpaid bond funds are released to the county upon the receipt of the executed SAPR. Refer to page 5.13, Example A, #6A and #6B for a graphic display of these entries. Record receipt of state bond funds B) PROJECT OVERRUNS ORIGINAL ESTIMATE The remaining bond funds up to original grant amount are released to the county upon the receipt of the executed SAPR. The county is responsible to absorb the amount of the bond eligible costs over the bond grant. The State will not reimburse the county for overruns out of the State Bond Account, unless the county specifically applies for and is granted additional State Bond funds. These expenditures will be recognized as county expense at the time they are incurred. Refer to page 5.14, Example B, #6A and #6B for a graphic display of these entries. Recognize additional state bond revenue up to work certified Credit Account: (revenue) State Bond - Deferred Revenue State Bond - Revenue Recognize expense greater than bond grant Debit Account: (expense) Credit Account: (liability) Construction Expense Record receipt of state bond funds

4 5.12 C) PROJECT UNDERRUNS ORIGINAL ESTIMATE The remaining bond funds up to an amount equal to the value of eligible work certified are released to the county upon the receipt of the executed SAPR, if no further bond eligible costs remain any retained funds will be released to the county. Refer to page 5.15, Example C, #6A, and #6B for a graphic display of these entries. Record underrun State Bond - Deferred Revenue State Bond Grant Record receipt of state bond funds NOTE: As soon as it becomes evident that all of a bond grant will not be spent State Aid should be notified so those funds can be allocated to another project. This will not reduce the original bond eligibility should the costs increase later. NOTE: in cases when an adjustment to bond eligible contract expenditures is made after the county receives payment, the county may be required to repay those funds. FINAL PAYMENT TO CONTRACTOR When the project is finaled and all the required documentation is received from the contractor, the county will release the retained funds to the contractor. Refer to page 5.15, Example C, #6A, and #6B for a graphic display of these entries. Record disbursement to contractor

5 5.13 EXAMPLES Example A

6 Example B 5.14

7 Example C 5.15

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