General Capital Assets; General Long-Term Liabilities; Permanent Funds. Chapter 9

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1 General Capital Assets; General Long-Term Liabilities; Permanent Funds Chapter 9

2 Learning Objectives Understand how to maintain GCA & GLTL information for reporting purposes Understand how to account for transactions affecting GCA & GLTL Understand how governmental funds and GCA & GLTL are related Account for and report general infrastructure capital assets Understand how to apply the modified approach to infrastructure capital assets Understand GCA & GLTL financial reporting Understand how to use, account for, & report Permanent Funds Account for transactions affecting all Governmental Funds, GCA, & GLTL

3 GCA & GLTL: What We ve Seen Thus Far General Capital Assets (GCA) Purchases recorded as expenditures rather than fund assets Sales recorded as Other Financing Sources (OFS) General Long-Term Liabilities Issuance of debt recorded as OFS Retirement of debt recorded as expenditures or Other Financing Uses (OFU)

4 GCA-GLTL Accounting Equation

5 Characteristics of Capital Assets Used in operations of the government (not for resale) Have useful lives extending beyond a single reporting period (may be modified by government s capitalization policy) May be tangible or intangible

6 Types of Capital Assets Land Land improvements Easements Buildings Building Improvements Vehicles Machinery Equipment Works of art Historical treasures Infrastructure

7 Capital Assets GCA All general capital assets are capital assets, but not all capital assets are general capital assets! GCA used by the Governmental Funds (general government) Other capital assets are fund-specific: used by the Proprietary Funds and Trust Funds

8 Initial Valuation Cost Estimated cost Gifts Invoice price + Cost of delivery + Cost to get asset ready for intended use Used when invoice price is unknown Frequent problem for governments with poor inventory records Fair value + Cost of delivery + Cost to get asset ready for intended use

9 Other Acquisition Methods Foreclosure Lower of (1) amount due for taxes, etc. or (2) appraised value of property Eminent domain Escheat Assign value as if it were a negotiated purchase Same manner as gifts

10 Land Normal GCA Classifications (recommended by GFOA) Buildings or Buildings & Improvements Infrastructure Machinery & Equipment Construction in Progress Intangible Assets [added as a result of GASBS 51]

11 Infrastructure Capital Assets Long lived capital assets that normally are stationary in nature and normally can be preserved for a significantly greater number of years than most capital assets. Examples of infrastructure assets include roads, bridges, tunnels, drainage systems, water & sewer systems, dams, & lighting systems.

12 Capitalization Policy Minimum dollar amount Minimum useful life Whatever the government elects to do, it must be disclosed in the notes

13 Reporting Works of Art & Historical Treasures Not required to capitalize if all 3 criteria met Collection is held for public exhibition, education, or research in furtherance of public service rather than financial gain It is protected, kept unencumbered, cared for, and preserved It is subject to policy that requires proceeds from sale to be used to acquire other items for collection

14 Minimum Information for Property Records Property system ID number Serial number, etc. Abbreviated description Date of acquisition Name and address of vendor Payment voucher number Fund and account from which purchased Federal financing, if any Cost or estimated cost Estimated useful life & salvage value and annual depreciation Accumulated depreciation Department charged with custody Location Date, method, and authorization of disposal

15 Other GCA Issues Regular GCA inventory Accounting for additions, betterments, and renewals Depreciation and accumulated depreciation Modified approach Allowed only with infrastructure assets No depreciation recorded Only additions / improvements are capitalized Updating GCA records

16 GF acquisition Chapter 3, Entry #4 Expenditures Capital Outlay Vouchers Payable 6,100 6,100 GCA accounts Machinery & Equipment Net Assets 6,100 6,100

17 Capital lease entry Chapter 6, page 234 Expenditures Capital Outlay OFS Capital Lease Cash 900, ,000 40,000 GCA & GLTL accounts Land Under Capital Lease Buildings Under Capital Lease Capital Lease Liabilities Net Assets 100, , ,000 40,000

18 Capital Projects Fund Chapter 7 Year 1 Entry Construction in Progress Net Assets 1,270,000 1,270,000 Year 2 Entry Streets & Other Infrastructure Construction in Progress Net Assets 2,960,000 1,270,000 1,690,000

19 Acquired through foreclosure [Page 354] Special Revenue Fund Expenditures Capital Outlay Tax Liens Receivable 1,100 1,100 GCA accounts Land Net Assets 1,100 1,100

20 Acquired through gifts [Page 354] No fund entry necessary GCA accounts Land Net Assets 1,500 1,500

21 Recording depreciation [Page 354] GCA accounts Depreciation Expense 423,261 (Detailed by function) Accumulated Depreciation 423,261 (Detailed by depreciable assets)

22 Sale of capital asset [Page 355] General Fund Cash OFS Sales of Equipment 20,000 20,000 GCA accounts Net Assets Accumulated Depreciation Machinery & Equipment Machinery & Equipment 100, , ,000

23 Retirement [Page 356] GCA Accounts Net Assets Accumulated Depreciation Buildings Buildings 150, , ,000 General Fund Expenditures Other Cash 10,000 10,000 Cash Expenditures Other OFS Salvage Proceeds 15,000 10,000 5,000

24 Intergovernmental Sale [Page 356] Enterprise Fund Due from GF Accumulated Depreciation Equipment Equipment 15,000 1,000 16,000 General Fund Expenditures Capital Outlay Due to EF 15,000 15,000 GCA accounts Machinery & Equipment Accumulated Depreciation Equipment Net Assets 16,000 1,000 15,000

25 Intergovernmental Transfers Within governmental funds No journal entries required GCA account adjusted for new location and responsibility Between proprietary funds and governmental funds Entry to remove (add) asset from (to) proprietary fund accounts No entry in governmental funds Record asset in GCA accounts

26 Intergovernmental Transfer [Page 356] Enterprise Fund Capital Contributions Transfer of Capital Assets Accumulated Depreciation Equipment Equipment 10,000 20,000 30,000 GCA accounts Machinery & Equipment Accumulated Depreciation Equipment Net Assets 30,000 20,000 10,000

27 Impairment of Assets Defined Significant (material) Unexpected (not normal, not ordinary) Decline in the service utility of a capital asset Excludes Events or changes in circumstances that might be expected to occur during useful life CA accounted for using the modified approach Declines caused by deferred maintenance

28 Indicators of Impairment 1. Evidence of physical damage 2. Change in legal or environmental factors 3. Technological development or evidence of obsolescence 4. A change in the manner or expected duration of usage of an asset 5. Construction stoppage

29 Measuring Impairments Method Generally Used Ind Continued Use Stop Use 1 Restoration cost Lower of CV or FV 2 Service units Lower of CV or FV 3 Service units Lower of CV or FV 4 Deflated depreciation Lower of CV or FV 5 Lower of CV or FV

30 Restoration Cost Approach Amount of impairment is derived from the estimated costs to restore the utility of the capital asset. The estimated restoration cost can be converted to historical cost either by restating the estimated restoration cost using an appropriate cost index or by applying a ratio of estimated restoration cost over estimated replacement cost to the carrying value of the capital asset.

31 Service Units Approach Isolates the historical cost of the service utility of the capital asset that cannot be used due to the impairment event or change in circumstances. The amount of impairment is determined by evaluating the service provided by the capital asset either maximum estimated service units or total estimated service units throughout the life of the capital asset before and after the event or change in circumstance.

32 Deflated Depreciation Replacement Cost Approach Replicates the historical cost of the service produced. A current cost for a capital asset to replace the current level of service is estimated. This estimated current cost is depreciated to reflect the fact that the capital asset is not new, and then is deflated to convert it to historical cost dollars.

33 Reporting Impairment Losses Temporary no impairment loss report, but cost to repair is reported Expenditure in Governmental Funds Loss in Proprietary Funds Other than temporary Expenditure in Governmental Funds Program expense, extraordinary item, or special item in Proprietary Funds and government-wide statements

34 Reporting Insurance Recoveries Governmental Funds OFS or extraordinary item, as appropriate Government-wide financial statements & Proprietary Funds report restoration separate from impairment and associated insurance recovery Impairment loss reported net of insurance recovery if both occur in same fiscal year Insurance recovery in subsequent year reported as program revenue, nonoperating revenue, or extraordinary item, as appropriate

35 Special Circumstances Insurance recoveries for losses other than impairments: Netted against loss if in same fiscal year Program revenue, nonoperating revenue, or extraordinary revenue if in subsequent year Self-Insurance From ISF, report as described above From General Fund, recovery is reported as Reimbursement up to amount of loss Transfer for any excess

36 Reporting GCA Financial Statements governmental activities column of government-wide Statement of Net Assets Notes to the Financial Statements Beginning and Ending Balances of capital asset accounts and related accumulated depreciation accounts Acquisitions of capital assets Sales or other dispositions Allocation of current period depreciation expense to each function in the Statement of Activities

37 General Long-Term Liabilities Defined All unmatured long-term debt of the government except for that accounted for in a Proprietary Fund or Trust Fund Examples Bonds, warrants, & notes Capital leases and CoPs Underfunded pension plan contributions Claims & judgments Compensated absences Landfill closure and postclosure care costs

38 CPF GLTL accounts [Page 364] Capital Projects Fund Cash Expenditures Debt Service Bond Issue Costs OFS Bonds [Face amount] OFS Bond Premium 909,000 2, ,000 11,000 GLTL accounts Net Assets Unamortized Bond Issue Costs Serial Bonds Payable Premium on Serial Bonds 1,009,000 2,000 1,000,000 11,000

39 DSF GLTL accounts [Page 364] Debt Service Fund Expenditures Debt Service Principal Expenditures Debt Service Interest Expenditures Debt Service Fiscal Agent Fees Matured Bonds Payable Matured Interest Payable Fiscal Agent Fees Payable 100,000 50,000 10, ,000 50,000 10,000 GLTL accounts Serial Bonds Payable Net Assets 100, ,000

40 Special Circumstances Serial Bonds Special Assessment debt Other governmental liabilities (details follow) Interest related adjustments reported in government-wide financial statements only Defaulted bonds In-substance defeasance

41 Claims & Judgments [Page 366] General Fund Expenditures Claims & Judgments Cash Accrued CJ Liabilities (1) 350, ,000 50,000 GLTL accounts Net Assets Accrued CJ Liabilities (2) 150, ,000 (1) To be paid from current financial resources. (2) To be paid later (not from current financial resources).

42 Capital Lease Payment [Page 367] General Fund Expenditures Debt Service Interest Expenditures Debt Service Principal Cash 5,000 13,000 18,000 GLTL accounts Capital Lease Liability Net Assets 13,000 13,000

43 Reporting GLTL Financial Statements governmental activities column of government-wide Statement of Net Assets Notes to the Financial Statements Beginning and Ending Balances of GLTL accounts Issuances / increases in GLTL accounts Retirements / decreases in GLTL accounts Which governmental funds have typically been used in prior years to liquidate other long-term liabilities

44 Permanent Funds Used to account for resources held in trust by the government for the benefit of the government or of its citizenry as a whole Contrast with Private Purpose Trust Fund where the assets are used to benefit private individuals, private organizations, or other governments

45 Relationships Requiring Use of a Permanent Fund Gift of real or personal property where Principal is to remain intact Earnings are to be used for certain purposes Employee loan fund principal could be reduced under certain circumstances Other trust agreements

46 #1 Donation received [Page 370] Cash Revenues Donations 210, ,000

47 #2 Purchase investments [Page 371] Investments Accrued Interest Receivable Cash 200, ,400

48 #3 Interest received on investments [Page 371] Cash Accrued Interest Receivable Revenues Interest 3, ,600

49 #4 Sale of securities [Page 370] Cash Investments Revenues Interest Gain on Sale of Investments 3,090 3, Assumes fund is exempt from GASBS 31

50 #5 Interest accrued [Page 370] Interest Receivable on Investments Revenues Interest 2,600 2,600

51 #6 Transfer to GF [Page 370] Permanent Fund OFU Transfer to GF Cash 5,000 5,000 General Fund Cash OFS Transfer from Permanent Fund 5,000 5,000

52 Interfund GCA GLTL Accounting

53 #1 Issue debt [Page 372] Capital Projects Fund Cash OFS Bonds (Face) OFS Premium on Bonds 505, ,000 5,000 GLTL accounts Net Assets Serial Bonds Payable Premium on Serial Bonds 505, ,000 5,000

54 #2 Transfer bond premium [Page 372] Capital Projects Fund OFU Transfer to DSF Cash 5,000 5,000 Debt Service Fund Cash OFS Transfer from CPF 5,000 5,000

55 #3 Contribution from GF to DSF [Page 373] General Fund OFU Transfer to DSF Cash 80,000 80,000 Debt Service Fund Cash OFS Transfer from GF 80,000 80,000

56 #4 Capital outlay recorded [Page 373] Capital Projects Fund Expenditures Capital Outlay Vouchers Payable 496, ,000 GCA accounts Improvements other than Buildings Net Assets 496, ,000

57 #5 Remaining assets transferred [Page 373] Capital Projects Fund OFU Transfer to DSF 4,000 Cash 4,000 Debt Service Fund Cash OFS Transfer from CPF 4,000 4,000

58 #6 Debt service payment [Page 373] Debt Service Fund Expenditures Debt Service Principal Expenditures Debt Service Interest Cash 50,000 30,000 80,000 GLTL accounts Serial Bonds Payable Net Assets 50,000 50,000

59 #7 Capital lease [Pages ] General Fund Expenditures Capital Outlay OFS Capital Lease Cash 250, ,000 25,000 GCA accounts Equipment Under Capital Lease Net Assets 250, ,000 GLTL accounts Net Assets Capital Lease Liabilities 225, ,000

60 #8 Capital lease payment [Page 374] General Fund Expenditures Debt Service Principal Expenditures Debt Service -- Interest Cash 30,000 20,000 50,000 GLTL accounts Capital Lease Liabilities Net Assets 30,000 30,000

61 #9 Government payment on special assessment [Page 374] General Fund OFU Transfer to CPF Due to CPF 100, ,000 Capital Projects Fund Due from GF OFS Transfer from GF 100, ,000

62 #10 Inspections on capital project performed [Page 374] General Fund Due from CPF Revenues Inspection Services 8,000 8,000 Capital Projects Fund Expenditures Capital Outlay Due to GF 8,000 8,000 GCA accounts Construction in Progress Net Assets 8,000 8,000

63 #11 Reimbursement transaction [Page 375] Capital Projects Fund Due to GF Expenditures Capital Outlay 5,000 5,000 GCA accounts Net Assets Construction in Progress 5,000 5,000 General Fund Expenditures Maintenance Due to CPF 5,000 5,000

64 #12 Short-term loan between funds [Page 375] General Fund Due from DSF Cash 40,000 40,000 Debt Service Fund Cash Due to GF 40,000 40,000

65 #13 Non-current loan between funds [Page 375] General Fund Advance to CPF Unreserved Fund Balance Cash Reserve for Interfund Advance 75,000 75,000 75,000 75,000 Capital Projects Fund Cash Advance from GF 75,000 75,000

66 #14 Sale of computers [Page 375] General Fund Cash OFS GCA Sale Proceeds 13,000 13,000 GCA accounts Net Assets Accumulated Depreciation Equipment Equipment 24,000 72,000 96,000

67 #15 Sick leave accrual and payment [Page 376] General Fund Expenditures Vacation and Sick Leave Current Liability for Vacation and Sick Leave (Beginning) Cash 375,000 25, ,000 Expenditures Vacation and Sick Leave Current Liability for Vacation and Sick Leave (Ending) 45,000 45,000 GLTL accounts Noncurrent Liability for Vacation and Sick Leave Net Assets 67,000 67,000

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