7077-R2_NewGloucester_2019_AnnualReport_Web

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, 2019 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 TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2019 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: Pension 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: Pension OPEB 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 obligations 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: Pension OPEB 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 obligations 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: Pension OPEB 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 OPEB 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 OPEB liability Change in net position of governmental activities (Statement B) $

STATEMENT F

(1,834,963) $

(1,834,963) $

2,518,578 (382,711) 2,135,867

2,518,578 (382,711) 2,135,867

(201,126) (10,035) (211,161)

(201,126) (10,035) (211,161)

(37,000)

185,000

(37,000)

101,734 (12,701) 89,033

185,000

101,734 (12,701) 89,033

(5,520)

226,867 4,960 226,307

553,083

(5,520)

Net pension liability Net OPEB liability

226,867 4,960 226,307

See accompanying independent auditors' report and notes to financial statements. 19 Change in net position of governmental activities (Statement B) $

553,083

See accompanying independent auditors' report and notes to financial statements. 19

58