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Complete Report - Fayette County Government

Complete Report - Fayette County Government

6. Compensated Absences

6. Compensated Absences System employees are granted vacation, compensatory, holiday , and sick leave in varying amounts. It is the System's policy to permit employees to accumulate earned but unused vacation and sick pay benefits up to a specified maximum number of hours. Compensatory and holiday leave is accumulated based on departmental discretion of need. In the event of termination of employment, an employee is paid for accrued annual, compensatory, and holiday leave days. In addition, regular full-time employees hired before March 1, 1998, with three or more years of service who resign in good standing or retire from service with the County may elect to be paid at the rate of $lS for each day of unused sick leave up to a maximum of $900. For other employees, the balance is treated as credited service for the defined benefit pension plan. Vacation, compensatory, holiday and termination sick leave pay are accrued when incurred and reported as a fund liability. 7. Long-Term Obligations Long-term debt and other obligations financed by the System are reported as liabilities . Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using straight line method, which approximates the effective interest method. Bonds payable are reported net of the applicable bond premium or discount, and the deferred refunding charges. Issuance costs are reported as deferred charges and amortized over the term of the related debt. 8. Net Assets Equity for the Proprietary Fund Financial Statements is classified as Net Assets. On these financial statements, the Net Asset category is displayed utilizing the following three components: • Invested in Capital Assets, Net of Related Debt - This component of net assets consists of capital assets, including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, capital leases or other borrowings that are attributable to the acquisition, construction, or improvements of those assets. If there are significant unspent proceeds at year-end, the portion of the debt attributable to the unspent proceeds is not included in the calculation of the component. Instead, that portion of the debt is included in the same net assets component as the unspent proceeds. • Restricted Net Assets - This component of net assets consists of those net assets that have constraints placed on them through external restrictions by creditors (e.g., debt covenants), grantors, contributors, or laws, or regulations of other governments. This component would also include constraints imposed by law through constitutional provisions or enabling legislation. • Unrestricted Net Assets - This component of net assets consists of those net assets that do not meet the definition of "invested in cap ital assets, net of related debt" or "restricted". Generally, these net assets represent those financial resources that are available to the County to meet any future obligations that arise. - 43 -

The Water System applies restricted resources first when an expense is incurred for purposes for which both restricted and restricted assets are available. 9. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities; the disclosure of contingent assets and liabil ities at the date of the financial statements; and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. NOTE II. STEWARDSHIP, COMPLIANCE AND ACCOUNTABIlITY A. Budgetary Information The System is required by the County Board of Commissioners to adopt annual operating budgets for its operations and establish billing rates accordingly. The budget is formally adopted through passage of a resolution by the Board of Commissioners. The System's Director has the responsibility of administering these programs in accordance with the policies and the annual budget as adopted by the Board of Commissioners. The Water System budget is prepared on the cash basis (which differs from the accrual basis that is used for financial reporting) and functions as an administrative control over expenditures. Neither the budget resolution nor any bond covenants require that the System report budgetary information in its financial statements. B. Debt Service and Sinking Fund Requirements on Water Revenue Bonds 1. Sinking Fund Requirements The bond resolutions require the creation and maintenance of a sinking fund that is to be used to pay the principal and interest on the revenue bonds as they become due. The bond resolutions specifically require that monies be deposited monthly into the sinking fund until such time that sufficient funds are on hand to pay the semi-annual interest payments and the bonds as they mature. During fiscal year ended June 30, 2012, $5,815,784 was paid from the revenue fund into the sinking fund (including the debt service reserve account) with required debt and interest payments made from the sinking funds when due. 2. Debt Service Reserve The bond resolutions require the creation and maintenance of a debt service reserve within the sinking fund. According to the resolutions, monies are to be transferred each month from the revenue fund to the reserve so that the reserve will be fully funded in an amount equal to $5,555,853 - 44-

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