Annual Comprehensive Financial Report 2021

CITY OF RED OAK, TEXAS
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE
STATEMENT OF NET POSITION
SEPTEMBER 30, 2021
Total Fund Balances - Governmental Funds $ 43,396,048
Amount reported for governmental activities in the statement of net position are
different because:
Capital assets, net of accumulated depreciation, used in governmental activities are
not financial resources and, therefore, are not reported in the funds.
Capital assets 49,333,959
Accumulated depreciation ( 18,231,071)
Long-term liabilities, including bonds payable, that are not due and payable in the
current period, and, therefore are not reported as liabilities in the funds.
Revenue bonds ( 16,015,000)
General obligation bonds ( 4,990,000)
Certificates of obligation ( 14,966,000)
Tax notes ( 2,754,000)
Accrued interest payable on long-term debt ( 216,848)
Compensated absences ( 737,255)
Net pension liability ( 779,161)
Total OPEB liability ( 239,633)
Other long-term assets are not available to pay for current period expenditures and
therefore, are deferred in the governmental funds. 226,723
Governmental funds report the effect of premiums, discounts, and refundings and
similar items when debt is first issued, whereas these amounts are deferred and
amortized in the statement of activities.
Premium on bonds ( 1,819,613)
Differences between expected and actual experiences, assumption changes and
netdifferences between projected and actual earnings and contributions subsequent
to the measurement date for the postretirement benefits (pension and OPEB) are
recognized asdeferred outflows of resources and deferred inflows of resources on
the statement of netposition.
Deferred outflows - pension related 426,364
Deferred outflows - OPEB related 62,922
Deferred inflows - pension related ( 373,407)
Deferred inflows - OPEB related ( 10,016)
Net Position of Governmental Activities $ 32,314,012
The notes to the financial statements are an
integral part of these financial statements. 16