NOTE 15

DEFICIT FUND BALANCES AND RETAINED EARNINGS

Individual funds with deficit fund balances or deficit retained earnings at June 30, 1995, were as follows (expressed in thousands):

The deficit position of the Crime Victims' Compensation Fund is due primarily to the year-end accrual of payroll and operating expenses. This fund's revenues are not subject to accrual under the modified accrual basis of accounting.

Enterprise fund deficits are more fully discussed in Note 14, Risk Management.

The Solid Waste Management Board deficit is the result of an accrual in accordance with GASB Statement No. 18, "Accounting for Municipal Solid Waste Landfill Closure and Post-Closure Care Cost," for post-closure costs of a landfill operated previously by the Board. Management has applied to the Division of Environmental Protection for assistance under the Landfill Closure Assistance Program, and expects to receive the assistance necessary to eliminate the deficit.