Comprehensive Annual Financial Report - Harford County Public ...

HARFORD COUNTY PUBLIC SCHOOLS
NOTES TO FINANCIAL STATEMENTS
June 30, 2012
NOTE 3 - RECONCILIATION OF BUDGETARY DATA
The Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (Non-GAAP
Basis) and Actual - General Fund is prepared on a legally prescribed budgetary basis of
accounting which differs from GAAP. The purpose of the budgetary basis of accounting is to
demonstrate compliance with the legal requirements of Harford County, the State of Maryland
and special federal and state programs.
The differences between the two methods are set forth below:
Revenues (non-GAAP budgetary basis) (unrestricted and restricted) $ 464,392,728
Fund balance at June 30, 2012 designated for current year’s expenditures (8,553,443)
Revenues adjusted by encumbrances of expenditure driven grants 29,783
Pension contributions made directly by the State of Maryland 33,360,568
Changes in value of rate stabilization fund 3,155,143
Interest earned on rate stabilization deposit 7,865
Revenues (GAAP basis) $ 492,392,644
Expenditures (non-GAAP budgetary basis) (unrestricted and restricted) $ 456,199,796
Capital lease refunding expenditures 178,039
Contribution for OPEB 3,559,459
Net effect of encumbrance (404,846)
Pension contributions made directly by the State of Maryland 33,360,568
Expenditures (GAAP basis) $ 492,893,016
The unassigned fund balances in the current expense fund (general fund) are reconciled as
follows:
Unassigned fund balance (non-GAAP budgetary basis) $ 6,138,961
Cumulative effect of:
Revenues adjusted by encumbrances of expenditure driven grants (336,089)
Rate stabilization receivable 7,365,916
Unassigned fund balance (GAAP basis) $ 13,168,788
The assigned fund balances in the current expense fund (general fund) are reconciled as follows:
Assigned fund balance (non-GAAP budgetary basis) $ 9,940,166
Encumbrances 2,687,533
Assigned fund balance (GAAP basis) $ 12,627,699
50