STATE AND LOCAL GOVERNMENT ACCOUNTING in .NET

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(i) Classi cation of Expenditures There are many ways to classify governmental fund expenditures in addition to the basic fund classi cation Function, program, organizational unit, activity, character, and principal class of object are examples Typically, expenditures are classi ed by character (current, intergovernmental, capital outlay, and/or debt service) Current expenditures are further classi ed by function and/or program
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Character classi cation Reporting expenditures according to the physical period they are
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presumed to bene t The major character classi cations are: (1) current expenditures, which bene t the current scal period; (2) capital outlays, which are presumed to bene t both the present and future scal periods; and (3) debt service, which bene ts prior scal periods as well as current and future periods Intergovernmental expenditures is a fourth character classi cation that is used when one governmental unit makes expenditures to another governmental unit Function classi cation Establishing groups of related activities that are aimed at accomplishing a major service or regulatory responsibility Standard function classi cations are as follows: General government Public safety Health and welfare Culture and recreation Conservation of natural resources Urban redevelopment and housing Economic development and assistance Education Debt service Miscellaneous Program classi cation Establishing groups of activities, operations, or organizational units that are directed at the attainment of speci c purposes or objectives, for example, protection of property or improvement of transportation Program classi cation is used by governmental units employing program budgeting Organizational unit classi cation Grouping expenditures according to the governmental unit s organization structure Organizational unit classi cation is essential to responsibility reporting Activity classi cation Grouping expenditures according to the performance of speci c activities Activity classi cation is necessary for the determination of cost per unit of activity, which in turn is necessary for evaluation of economy and ef ciency Object classi cation Grouping expenditures according to the types of items purchased or services obtained, for example, personal services, supplies, other services, and charges Object classi cations are subdivisions of the character classi cation
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Excessively detailed object classi cations should be avoided since they complicate the accounting procedure and are of limited use in nancial management The use of a few object classi cations is suf cient in budget preparation; control emphasis should be on organization units, functions, programs, and activities rather than on the object of expenditures (ii) Classi cations of Other Transactions Certain transactions, although not revenues or expenditures of an individual fund or the governmental entity as a whole, are increases or decreases in the equity of an individual fund These transactions are classi ed as other nancing sources and uses and are reported in the operating statement separately from fund revenues and expenditures The most common other nancing sources and uses are:
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344 GOVERNMENTAL ACCOUNTING PRINCIPLES AND PRACTICES
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34 45
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Proceeds of long-term debt issues Such proceeds (including leases) are not recorded as fund
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liabilities; for example, proceeds of bonds and notes expended through the capital project or debt service funds Operating transfers These include legally authorized transfers from a fund receiving revenues to the fund through which the resources are to be expended; examples are transfers of tax revenues from a special revenue fund to a debt service fund and transfers from an enterprise fund other than payments in lieu of taxes to nance general fund expenditures Other interfund transactions are:
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Interfund loans and advances These funds are disbursed by one fund for the bene t of
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another If the funds will be repaid shortly, the amount should be reclassi ed as due from other funds by the lending fund and due to other funds by the receiving fund When two funds owe each other, the amounts receivable and payable should not be offset in the accounts However, for purposes of reporting, current amounts due from and due to the same funds may be offset and the net amounts shown in the respective fund balance sheets If the advance is long term in nature and the asset will not be available to nance current operations, a fund balance reserve equal to the amount of the advance should be established Quasi-external transactions These transactions would be treated as revenues, expenditures, or expenses if they involved organizations external to the governmental unit Examples are payments in lieu of taxes from an enterprise fund to the general fund; internal service fund billings to departments; routine employer contributions from the general fund to a pension trust fund; and a routine service charge for inspection, engineering, utilities, or similar services provided by a department nanced from one fund to a department nanced from another fund Amounts should be accounted for as revenues in the recipient fund and as expenditures in the disbursing fund Reimbursements These transactions constitute reimbursements of a fund for expenditures or expenses initially made from it that are properly applicable to another fund An example is an expenditure properly chargeable to a special revenue fund but initially made from the general fund, which is subsequently reimbursed The transaction should be recorded as an expenditure or expense in the reimbursing fund and as a reduction of an expenditure or expense in the reimbursed fund (iii) Residual Equity Transfers Another type of interfund transaction, residual equity transfers, is not classi ed as another nancing source or use because it is a change in fund balance that is not considered in the determination of the results of operations A residual equity transfer is a nonrecurring or nonroutine transfer of equity between funds Examples are a general fund s contribution of capital to an enterprise fund or an internal service fund; the subsequent return of all or part of such contribution to the general fund; and transfers of residual balances of discontinued funds to the general fund or a debt service fund (iv) Classi cation of Fund Equity Fund equity is the difference between a fund s assets and its liabilities GASB Statement No 34 requires the equity reported in the government-wide statement of net assets to be called net assets and to be displayed in three categories:
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