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Change in fund balances (deficit) - total governmental funds $ 3,132,548
The change in net position reported for governmental activities in the statement of activities is different because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which depreciation expense ($6,998,417) and loss on sale ($8,475) exceeded capital outlay ($4,397,391) and gain on sale of . (2,609,501)
Debt proceeds are reported as financing sources in governmental funds and thus contribute to the change in fund balance. In the statement of net position, however, issuing debt increases long-term liabilities and does not affect the statement of activities. Similarly, repayment of principal is an expenditure in the governmental funds but reduces the liability in the statement of net position.
Issuance of Financing Leases (204,871)
Issuance of Subscription Financing Agreements (296,653)
Payment of principal - financing leases 530,600
Payment of principal - subscription financing agreements 695,390
Payment of principal - long term debt 4,697,143
5,421,609
Under the modified accrual basis of accounting used in governmental funds, expenditures are not recognized for transactions that are not normally paid with expendable available financial resources. In the statement of activities, however, which is presented on the accrual basis, expenses and liabilities are reported regardless of when financial resources are available. In addition interest on long-term debt is not recognized under the modified accrual basis of accounting until due, rather than as it accrues. This adjustment combines the net changes of the balances.
Compensated absences (109,987)
Accrued interest on bonds 26,745
Deferred Loss on Refunding (381,487)
Pension Expense 695,211
Bond Discount (4,223)
Bond Premium 151,996
Combined Adjustment: 378,255
Change in the net position of the Internal Service Fund is included in governmental activities since it primarily benefits the County's governmental activities (3,508,548)
Under the modified accrual basis of accounting used in governmental funds, revenues are not reported until they become available. In the statement of activities, however, revenues are recorded regardless of when financial resources are available. This is the change in unearned real estate tax revenue and opioid litigation revenue from 12/31/24 to 12/31/25. (212,185)
Change in net position of governmental activities $ 2,602,178