Capital Projects Funds. Chapter 7

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1 Capital Projects Funds Chapter 7

2 Learning Objectives Understand nature of and when to use CPFs Understand typical CPF financing sources, how many CPFs are required, and life cycle of CPF Determine costs to be charged to CPF Understand basic budgeting and budgetary reporting for CPFs Understand accounting for long-term debt issued in CPF, including bond proceeds and bond anticipation notes Examine typical journal entries of CPF Prepare CPF financial statements.

3 Why Use Capital Projects Funds? CPFs used to account for financial resources that are used to construct / acquire major, long-lived general capital facilities Examples Buildings Highways & bridges Storm water drainage systems

4 Typical Capital Asset Acquisitions Not Using a CPF Routine capital asset purchases school buses and other equipment Capital leases Purchases of fund-specific capital assets to be used in Proprietary Funds or Trust Funds

5 Issues Related to a CPF Sources of financial resources Number of CPFs required CPF life cycle Budgeting for a CPF Interim financing Costs charged to projects Intergovernmental revenues Bond premiums, discounts, & issuance costs

6 CPF Life Cycle General Long-Term Debt Issue Proceeds Short-Term Debt Issue Proceeds Interfund Transfers Interest & Other Revenues Inter-Governmental Grants Refunds Project Authorization Repay Fund Terminated THE CAPITAL PROJECTS FUND 20X2 20X3 Capital Expenditures Capital Expenditures Unused Debt Issue Proceeds General Capital Assets & General Long-Term Liabilities Accounts Debt Service Fund Legend Resource Flows Other Funds or Accounts Affected

7 Life Cycle: Step-by-step Project authorization and duration CPF extends over life of project Financing Expenditures Termination of CPF Records retention

8 Financing Capital Projects General Long-term Debt Account for the issuance in CPF Debt Service Fund used to repay debt Short-term borrowing (if necessary) Interfund transfers Interest and other revenues Intergovernmental grants Special assessments

9 Other Notes on Life Cycle CPF may last for several fiscal years whatever if the life of the project Expenditures are typically all capital outlay Upon termination, any necessary funds returned to providers of financing and remainder transferred to service debt (DSF) or to General Fund

10 Budgeting for a Capital Project Usually prepared for the life of the project appropriations do not lapse at end of fiscal year Separate budget may not be required if one project financed by single CPF and project costs are controlled through specifications

11 Interim Financing Authorized bond issue may take considerable time to issue Interim financing used to fill the void known as bond anticipation notes (BANs) If properly used, may be long-term rather than short-term debt BANs issued in conjunction with legally authorized bond issue BANs are to be repaid (or have been repaid) from proceeds of bond issue

12 Interim Financing Comparison Short-Term Borrowing BAN Financing Cash 50,000 Cash 50,000 Notes Payable 50,000 OFS -- BAN Principal 50,000 Expenditures -- Capital Outlay 50,000 Expenditures -- Capital Outlay 50,000 Cash 50,000 Cash 50,000 Unreserved Fund Balance 50,000 OFS -- BAN Principal 50,000 Expenditures -- Capital Outlay 50,000 Expenditures -- Capital Outlay 50,000

13 Interim Financing Comparison (continued) Short-Term Borrowing Recorded as liability of fund Expenditure is for capital outlay May result in artificial deficit in Fund Balance BAN Financing Recorded as OFS Expenditure is for capital outlay OFS and expenditure cancel out no artificial deficit

14 Project Costs Direct materials and labor, for selfconstructed assets Overhead General government overhead rarely charged unless reimbursable Other overhead may be charged costs from ISFs or incremental overhead from project Interest Short-term debt interest is not capitalized Long-term debt interest not capitalized

15 Intergovernmental Revenues Unrestricted grants usually recognized as revenues in General Fund or SRF proceeds may be transferred to CPF Restricted (capital) grants normally recognized as revenues in CPF, once it is earned (grantee incurred expenditures that are authorized for reimbursement)

16 Bonds issued to finance project Face amount recorded as OFS For bonds not issued at par Premium recorded as OFS usually transferred to DSF Discount recorded as OFU Issuance costs are debt service expenditures Discounts and issuance costs may require additional funding from other sources

17 CPF Case Illustration Project Financing Total Percent Federal Grant 1,200, State Grant 600, Bond issue 900, Transfer from General Fund 300, TOTAL 3,000,

18 Budget entry [Page 270] Estimated Revenues Federal Grant Estimated Revenues State Grant Estimated OFS Bonds Estimated OFS Transfer from General Fund Appropriations Bean & Co. Contract Appropriations Labor Appropriations Machine Time Appropriations Fuel & Materials 1,200, , , ,000 2,400, , , ,000

19 #1 Sign Contract [Page 271] Encumbrances Contract Reserve for Encumbrances 2,400,000 2,400,000

20 #2 Issue Bonds at a Premium [Page 271] Cash Expenditures Bond Issue Costs OFS Bond Principal OFS Bond Premium 909,000 2, ,000 11,000 GCA GLTL = NA $2,000 $911,000 $909,000 NOTE: Bond issue costs are not GCA, but are reported as noncurrent assets in the government-wide financial statements.

21 #3 Supplemental Order [Page 271] Encumbrances Fuel & Mat. Reserve for Encumbrances 55,000 55,000

22 #4 Financing Received [Page 271] Cash Revenues State Grant OFS Transfer from GF 730, , ,000 The State Grant is obviously not expenditure-driven that is why it was all received up front. The funding from the General Fund (GF) may be received all at once or at various times, as is the case here.

23 #5a Invoices received reverse the estimate [Page 271] Reserve for Encumbrances Encumbrances Contract Encumbrances Fuel & Mat. 1,048,000 1,000,000 48,000

24 #5b Invoices received record the actual [Page 271] Expenditures Fuel & Mat. Expenditures Machine Time Expenditures Contract Contracts Payable Retained Percentage Vouchers Payable 49,000 81,000 1,000,000 50,000 1,080,000 GCA* GLTL = NA $1,130,000 $1,130,000 *Construction in Progress

25 Notes on the Invoices Fuel and materials had been encumbered for $48,000, but actual cost was $49,000 Machine Time is an allowable overhead cost Construction in progress would be recorded in the General Capital Assets accounts

26 Notes on Invoices (continued) Retained Percentage Done to insure completion of the project per the contract Will be paid to contractor when final project is accepted Alternate methods of insuring completion Insurance policies Certificates of Deposit (not subject to fair value rules from Chapter 5) Bonding

27 Cash Disbursements Vouchers Payable Investments Expenditures Labor Cash 970, , ,000 1,510,000 GCA* GLTL = NA $140,000 $140,000 *Construction in Progress

28 Federal Grant Reimbursement Due from Federal Government Revenues Federal Grant Qualifying Expenditures Payment to contractor Fuel & materials Machine time Payroll Total Qualifying Expenditures Allowable percentage Allowable charge 508,000 1,000,000 49,000 81, ,000 1,270,000 40% 508, ,000

29 Note on Federal Grant Reimbursement Could be billed each time allowable charge incurred Amount received may be less than amount billed if Federal Government does not allow all expenditures

30 Interest on Investments Accrued Interest Receivable Revenues Interest 18,000 18,000

31 Closing Entries Year-end closing entries not particularly relevant to CPFs more concerned with life of project than by end of year Financial statements then become interim statements for CPFs

32 Options for Closing Entries Accounts Not Closed Use worksheet to create pro forma closing entries which aren t posted to accounts Financial statements prepared from worksheet just like normal Accounts Closed Use same routine as used in earlier chapters Closing entries typically result in artificial deficits Appropriated fund balance reported for unexpended amounts

33 CPF Financial Statements Required Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balance [Operating Statement] Optional Budgetary statement or schedule Not required under GAAP but may be required by government, rating agencies, or bondholders

34 Balance Sheet Note different sections in the Fund Balance section Appropriated Unappropriated Unrealized estimated revenues or transfers from other funds are not assets leads to Unreserved Fund Balance artificial deficit need to explain deficit in notes to financial statements

35 Operating Statement Same format as used for other Governmental Funds Negative excess causes some readers to think change in financial position is poor artificial since much of financing comes from other sources

36 Completing the Bridge: Year 2 Reverse some of adjusting/closing entries made in previous year gets budgetary accounts back in balance

37 #1a Invoices Received reverse the estimate [Page 280] Reserve for Encumbrances Encumbrances Contract Encumbrances Fuel & Mat. 1,407,000 1,400,000 7,000

38 #1b Invoices Received record the actual [Page 280] Expenditures Contract Expenditures Fuel & Mat. Expenditures Machine Time Contracts Payable Retained Percentage Vouchers Payable 1,410,000 43, ,000 70,500 1,490,500 GCA* GLTL = NA $1,561,000 $1,561,000 *Construction in Progress

39 #2 Cash Receipts [Page 280] Cash Due from Federal Gov. Revenues Federal Grant Investments Revenues Interest OFS Transfer from GF 1,798, , , ,000 30, ,000

40 #3 Cash Disbursements [Page 280-1] Vouchers Payable Expenditures Labor Cash 1,600, ,000 1,729,500 GCA* GLTL = NA $129,000 $129,000 *Construction in Progress

41 Settlement with the Feds: Part I [Page 281] Allowable Costs Bean & Co. Contract Labor Machine Time Fuel & Materials Total Allowable Costs Less: Interest Earned Net basis for billing Feds 2,400, , ,000 92,000 2,950,000 30,000 2,920,000

42 Settlement with the Feds: Part II [Page 281] Net basis for billing Feds Federal Grant Share Amount owed by Feds Federal Grant Revenue recognized to date Due to Federal Government 2,920,000 40% 1,168,000 1,198,000 30,000

43 #4 Amount Owed to Feds [Page 281] Revenues Federal Grant Due to Federal Government 30,000 30,000

44 #5 Final Settlements [Page 281] Contracts Payable Retained Percentage Due to Federal Government OFU Transfer to DSF Cash 120,500 30,000 47, ,500

45 Project Operating Statement Governments usually report one year at a time With completed project, reporting all revenues and expenditures could be useful helps explain the artificial deficits from earlier year(s)

46 Other CPF Issues Bond anticipation notes Investment of idle cash Disposing of fund balance (deficit) Reporting several projects in single fund Combining CPF financial statements

47 Bond Anticipation Notes (BANs) Reasons for use Time lag in issuing approved bond issue when cash is needed immediately to start the project Interest rates on the decline, so postponing issuing bonds will save the government money

48 Issue the BANs Cash OFS BAN Principal 500, ,000 GCA GLTL* = NA $500,000 $500,000 *BANs Payable

49 Notes on Issuing BANs BANs issued at par since the term is short, this is usually the case Issuance can be recorded as if it is longterm debt so long as two conditions exist: The project has an authorized bond issue The government will repay the BANs from the bonds, once they are issued There is a corresponding liability in the GLTL accounts for the BANs

50 Issue Bonds (Same entry from Page 271) Cash Expenditures Bond Issue Costs OFS Bond Principal OFS Bond Premium 909,000 2, ,000 11,000 Recall that as a result of this event, the Bond Issue Costs, Bond Payable, and Bond Premium are recorded in the GCA and GLTL accounts.

51 Repay the BANs OFU BAN Principal Retirement Expenditures Debt Service Interest Cash 500,000 30, ,000 GCA GLTL* = NA $500,000 $500,000 *BANs Payable

52 Investments & Arbitrage A significant amount of cash can flow through a CPF cash flow planning is a must Issuing bonds early in project may be mandated need to invest proceeds to maximize interest

53 Arbitrage The difference in the amount earned on investing bond proceeds and amount paid in interest on the bonds since most governments issue tax-exempt debt, this amount can be significant.

54 Arbitrage and Taxes Tax rate on arbitrage is simple: 100% Penalty rate on not paying tax correctly is almost as simple: 50% Rules are quite complex: governments must manage money and watch arbitrage requirements to minimize problems

55 Remaining Fund Balance If cash is left over when project is complete, difference is usually transferred to DSF to assist in repaying amounts borrowed If project is in deficit (not enough cash) Additional transfers needed from other funds OR Scope of the project must be cut back

56 Reporting Multiple Projects Government may elect to use single CPF to report many projects Easiest way to combine information is to prepare separate statements for each project, then consolidate for reporting purposes

57 Combining CPF Statements Used when government uses separate CPF for each project Individual statements must still be prepared to complete other statements included in CAFR (see CAFR preparation process in Chapter 2) Combining statements prepared to facilitate this process may be part of other combining statements for all governmental funds

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