1. Compare the GASB disclosure requirements listed below with the CAFR for the city of Fairfield attached statement.
GASB Disclosure Requirements
Capital assets that are not being depreciated are disclosed separately from depreciated assets.
In addition to the general policy for capitalizing assets and estimating the useful lives of depreciable assets, the required disclosures include:
- Beginning-of-year and end-of-year balances showing the accumulated depreciation separate from historical cost
- Capital acquisitions during the year
- Sales or other dispositions during the year
- Depreciation expense for the current period with disclosure of the amounts charged to each function in the statement of activities
- Disclosures describing works of art or historical treasures that are not capitalized and explaining why they are not capitalized. If capitalized, include in the disclosures described above
- Discuss how Fairfield CAFR reports on these requirements and answer the questions below.
- What can you learn from this disclosure?
- Is there construction work in progress recorded?
City of Fairfield, California FAIRFIELD Notes to Basic Financial Statements (continued) For the Year Ended June 30, 2020 6) Capital Assets Capital Assets of the City for the year ended June 30, 2020, consisted of the following: Balance July 1, 2019 Additions Balance Retirements Transfers June 30, 2020 $ 44,259.967 24,169.610 $ 68,429,577 8.178,505 $ 8,178,505 (25,230) $ (152,907) (25,230) (152,907) 44,259,967 32,169,978 76,429,945 152,907 Asset Description Governmental activities: Non-depreciable assets: Land Construction in progress Total non-depreciable assets Depreciable assets: Land improvements Buidings and improvements Machinery and equipment Infrastructure Total depreciable assets Accumulated depreciation: Land improvements Buidings and improvements Machinery and equipment Infrastructure Total accumulated depreciation 167,596,262 103,533.135 46,090.399 296,547,480 613.767.276 (975.432) 1,602,123 4,233,631 5.835,754 167,749,169 103,533,135 46,717,090 300.781,111 618.780,505 (975,432) 152,907 (21,631,223) (60,292,445) (31,375,988) (208,612,311) (321,911,967) (3.758,250) (3,122,168) (2,494,851) (6.080,720) (15,455,989) 975,432 (25,389,473) (63,414,613) (32,895,407) (214,693,031) (336.392,524) 975,432 Total depreciable assets, net 291,855,309 (9,620,235) 152,907 282,387,981 360,284,886 (1,441,730) (25,230) 358,817,926 Total governmental activities Business - type activities: Non-depreciable assets: Land Intangibles Construction in progress Total non-depreciable assets Depreciable assets: : Land improvements Buildings and improvements Machinery and equipment Infrastructure Total depreciable assets 14.937,056 5,126,663 9,517,293 29,581.012 14,937,056 5,126,663 5,265,112 25,328,831 5.334,089 5,334,089 (169,118) (9,417,152) (169,118) (9.417,152) 10,681,894 71,488,635 43,290.960 194,293,257 319,754,746 111,569 400,969 965,618 1,478,156 (6,943) 6,943 (357,331) 9,417,152 (357,331) 9,417,152 10,674,951 71,607,147 43,334,598 204,676,027 330,292,723 Accumulated depreciation: Land improvements Buidings and improvements Machinery and equipment Infrastructure Total accumulated depreciation ( (10,436,993) (37,271,433) (33,998,767) (95,715,783) (177,422.976) (18,425) (1,492,056) (2.280,795) (5.929,162) (9,720,438) 357,331 (10,455,418) (38,763,489) (35,922,231) (101,644,945) (186,786,083) 357.331 Total depreciable assets, net 142,331,770 (8,242,282) 9.417,152 143,506,640 Total business-type activities 168,835,471 171,912,782 (2,908,193) (169,118) S532,197,668 $(4,349,923) S (194,348) $ Total net capital assets - $ 527,653.397 65 City of Fairfield, California FAIRFIELD Notes to Basic Financial Statements (continued) For the Year Ended June 30, 2020 6) Capital Assets Capital Assets of the City for the year ended June 30, 2020, consisted of the following: Balance July 1, 2019 Additions Balance Retirements Transfers June 30, 2020 $ 44,259.967 24,169.610 $ 68,429,577 8.178,505 $ 8,178,505 (25,230) $ (152,907) (25,230) (152,907) 44,259,967 32,169,978 76,429,945 152,907 Asset Description Governmental activities: Non-depreciable assets: Land Construction in progress Total non-depreciable assets Depreciable assets: Land improvements Buidings and improvements Machinery and equipment Infrastructure Total depreciable assets Accumulated depreciation: Land improvements Buidings and improvements Machinery and equipment Infrastructure Total accumulated depreciation 167,596,262 103,533.135 46,090.399 296,547,480 613.767.276 (975.432) 1,602,123 4,233,631 5.835,754 167,749,169 103,533,135 46,717,090 300.781,111 618.780,505 (975,432) 152,907 (21,631,223) (60,292,445) (31,375,988) (208,612,311) (321,911,967) (3.758,250) (3,122,168) (2,494,851) (6.080,720) (15,455,989) 975,432 (25,389,473) (63,414,613) (32,895,407) (214,693,031) (336.392,524) 975,432 Total depreciable assets, net 291,855,309 (9,620,235) 152,907 282,387,981 360,284,886 (1,441,730) (25,230) 358,817,926 Total governmental activities Business - type activities: Non-depreciable assets: Land Intangibles Construction in progress Total non-depreciable assets Depreciable assets: : Land improvements Buildings and improvements Machinery and equipment Infrastructure Total depreciable assets 14.937,056 5,126,663 9,517,293 29,581.012 14,937,056 5,126,663 5,265,112 25,328,831 5.334,089 5,334,089 (169,118) (9,417,152) (169,118) (9.417,152) 10,681,894 71,488,635 43,290.960 194,293,257 319,754,746 111,569 400,969 965,618 1,478,156 (6,943) 6,943 (357,331) 9,417,152 (357,331) 9,417,152 10,674,951 71,607,147 43,334,598 204,676,027 330,292,723 Accumulated depreciation: Land improvements Buidings and improvements Machinery and equipment Infrastructure Total accumulated depreciation ( (10,436,993) (37,271,433) (33,998,767) (95,715,783) (177,422.976) (18,425) (1,492,056) (2.280,795) (5.929,162) (9,720,438) 357,331 (10,455,418) (38,763,489) (35,922,231) (101,644,945) (186,786,083) 357.331 Total depreciable assets, net 142,331,770 (8,242,282) 9.417,152 143,506,640 Total business-type activities 168,835,471 171,912,782 (2,908,193) (169,118) S532,197,668 $(4,349,923) S (194,348) $ Total net capital assets - $ 527,653.397 65
