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GASB 44—The Statistical Section

GASB 44—The Statistical Section

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GASB 44—The Statistical Section

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  1. GASB 44—The Statistical Section

  2. The Bottom Line • Some new schedules added, other schedules are expanded, some schedules eliminated • Total number of schedules presented will generally grow by 2 or 3 • Status of statistical section has not changed • Still a required part of a CAFR, but CAFR remains optional • New standards apply to any statistical section presented with the basic financial statements, even if not in a CAFR

  3. Effective Date &Transition Provisions • Effective for periods beginning after June 15, 2005 • Retroactive reporting encouraged, but not required • Retroactive reporting of new government-wide information back to year of Statement 34 implementation encouraged, but not required • Revision of prior information changed by the Statement is encouraged, but not required • Should at least identify change

  4. Reasons for the New Standards • Prior standards in place for nearly 25 years • NCGA 1 provided no detail • Standards were geared toward general purpose local governments • Standards did not include Statement 34 • Merged with separate project on Economic Condition Reporting

  5. Five Categories of Statistical Section Information • Financial trends • Revenue capacity • Debt capacity • Demographic and economic • Operating

  6. Financial Trends • Objectives: to assist users in understanding and assessing how a government’s financial position has changed over time

  7. Financial Trends • Four types of information: • Net assets (new) • Changes in net assets (new) • Fund balances (previously optional, now required)—for general fund and all other governmental funds in the aggregate • Changes in fund balances (combined and expanded)—for all governmental funds, not just general fund

  8. Revenue Capacity • Objectives: to assist users in understanding and assessing the factors affecting a government’s ability to generate its own-source revenues

  9. Revenue Capacity • Four types of information: • Revenue base • Direct and overlapping rates • Principal payers (comparison year added) • Levies and collections (standardized) —if a government presents information about a property tax

  10. Debt Capacity • Objectives: to assist users in understanding and assessing a government’s debt burden and its ability to issue additional debt

  11. Debt Capacity • Five types of information: • Ratios of total outstanding debt (new) • Ratios of general debt outstanding (all debt backed by general revenue) • Overlapping debt • Debt limits (trends added for key information) • Pledged-revenue coverage (all debt backed by pledged revenue)

  12. Demographic and Economic • Objectives: (1) to assist users in understanding the socioeconomic environment within which a government operates and (2) to provide information that facilitates comparisons of financial statement information over time and among governments

  13. Demographic and Economic • Two types of information: • Demographic and economic indicators • Principal employers (now required and adds comparison year)

  14. Operating • Objectives: to provide contextual information about a government’s operations and resources to assist readers in using financial statement information to understand and assess a government’s economic condition

  15. Operating • Information from miscellaneous statistics schedule, but organized and expanded • Three types of information: • Government employees • Operating indicators—demand or level of service • Capital asset indicators—volume, usage or nature

  16. Eliminated Schedules • Debt service ratios • Valuable information included in schedule of changes in fund balances • Special assessment collections • Report as part of pledged-revenue coverage • Property value, construction and bank deposits • Surety bonds, insurance in force, salaries of officials

  17. Additional Information • You can provide additional information in the statistical section if it meets the objectives of one of the five categories of information

  18. Sources, Assumptions and Methodologies • If it doesn’t come from another part of the financial report (statements, notes, RSI), then source it • Explain any assumptions you make or methodologies you employ to produce information

  19. Narrative Explanations • Schedules are more understandable and useful when accompanied by explanations • Use professional judgment to determine if narrative explanations are needed • Generally four types: • Objectives of information and schedules • Unfamiliar concepts • Relations among schedules and with other parts of CAFR • Atypical trends and anomalous data

  20. Implementation Guidance • Q&A guide planned for late 2005 • Will include illustrations of complete statistical sections for: • Local government • County government • State government • School district • Airport • College/university • Utility