When a city issues general obligation bonds with a face value of $10,000,000 for $10,500,000 and incurs $100,000 of bond issue costs to finance construction of a major general government capital asset, how is this presented in the Capital Projects Fund Statement of Revenues, Expenditures, and Changes in Fund Balance?
Answer to relevant QuestionsA state finance director is concerned that the draft financial statements prepared for the state’s Capital Projects Funds present large (millions of dollars) excesses of expenditures over revenues even though all of the ...What is the life cycle of a Capital Projects Fund?Briefly discuss each of the following short case studies. Provide explanations for your analysis.(a) The governing board of a city recently levied a gasoline tax “for the express purpose of financing the construction and ...Describe the purpose of Debt Service Funds. When do GAAP require the use of a Debt Service Fund? Why might a government use a Debt Service Fund if it is not required to do so?What is “deep discount debt”? When should expenditures for debt service on zero coupon bonds be reported?
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