5584-R1_NewGloucester_2016-2017_AnnualReport_Web

STATEMENT F

STATEMENT F STATEMENT F

TOWN OF NEW GLOUCESTER, MAINE RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TOWN OF NEW GLOUCESTER, MAINE RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS STATEMENT F TOWN OF NEW GLOUCESTER, MAINE RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TOWN OF NEW GLOUCESTER, MAINE RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2017 TOWN OF NEW GLOUCESTER, MAINE RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2017 TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2017 TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2017 Net change in fund balances - total governmental funds (Statement E) Net change in fund balances - total governmental funds (Statement E) Amounts reported for governmental activities in the Statement of Activities (Statement B) are different because: Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense allocated to those expenditures over the life of the assets: Capital asset acquisitions Net change in fund balances - total governmental funds (Statement E) Amounts reported for governmental activities in the Statement of Activities (Statement B) are different because: Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense allocated to those expenditures over the life of the assets: Capital asset acquisitions Net change in fund balances - total governmental funds (Statement E) Amounts reported for governmental activities in the Statement of Activities (Statement B) are different because: Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense allocated to those expenditures over the life of the assets: Capital asset acquisitions Depreciation expense Deferred outflows of resources are a consumption of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds: Taxes and liens receivable Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position Deferred inflows of resources are an acquisition of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds: Accrued compensated absences Net change in fund balances - total governmental funds (Statement E) Amounts reported for governmental activities in the Statement of Activities (Statement B) are different because: Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense allocated to those expenditures over the life of the assets: Capital asset acquisitions Depreciation expense Deferred outflows of resources are a consumption of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds: Taxes and liens receivable Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position Deferred inflows of resources are an acquisition of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds: Accrued compensated absences Net pension liability Amounts reported for governmental activities in the Statement of Activities (Statement B) are different because: Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense allocated to those expenditures over the life of the assets: Capital asset acquisitions Depreciation expense Deferred outflows of resources are a consumption of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds: Taxes and liens receivable Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position Deferred inflows of resources are an acquisition of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds: Accrued compensated absences Deferred outflows of resources are a consumption of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds: Taxes and liens receivable Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position Deferred inflows of resources are an acquisition of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds: Accrued compensated absences Depreciation expense Deferred outflows of resources are a consumption of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds: Taxes and liens receivable Repayment of long-term debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statement of Net Position Deferred inflows of resources are an acquisition of net position by the government that are applicable to a future reporting period and therefore are not reported in the funds Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds: Accrued compensated absences Net pension liability Net pension liability Change in net position of governmental activities (Statement B) Change in net position of governmental activities (Statement B) Net pension liability Change in net position of governmental activities (Statement B) Change in net position of governmental activities (Statement B) TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2017 Depreciation expense Net pension liability 149,983 140,000 62,483 Change in net position of governmental activities (Statement B) $ 399,501 754,018 (320,990) 433,028 (12,100) $ (135,259)

$ (135,25

$ (135,259) $ (135,259)

754,01 (320,99 433,02

754,018 (320,990) 433,028 754,018 (320,990) 433,028

149,98

149,983

149,983

(12,10

(12,100)

(12,100)

140,00

140,000

140,000

62,48

62,483

62,483

2,97

2,978

(241,61 (238,63

(241,612) (238,634) 2,978 2,978 (241,612) (238,634) $ 399,501 (241,612) (238,634) $ 399,501

$ 399,50

54 See accompanying independent auditors' report and notes to financial statements. 17 See accompanying independent auditors' report and notes to financial statements. 17 See accompanying independent auditors' report and notes to financial statements. 17 See accompanying independent auditors' report and notes to financial statements. 17 See accompanying independent auditors' report and notes to financial statements. 17