NOTE 3
FUND EQUITY
Fund Equity at July 1, 1994 has been restated as follows (expressed in thousands):
| Balance As Previously Reported |
Corrections of Fund Equity |
Balance As Of July 1, 1994 As Adjusted |
|
|---|---|---|---|
| Funds: | |||
| Special Revenue Funds | $270,189 | $(1,356) | $268,833 |
| Debt Service Funds | 57,780 | 20,885 | 78,665 |
| Enterprise Funds | (1,938,052) | (223,248) | (2,161,300) |
| Account Group: | |||
| General Long-Term Debt | 1,085,220 | 4,150 | 1,089,370 |
Subsequent to the issuance of the State’s 1994 General Purpose Financial Statements, management of the State determined that certain account balances had not been properly recorded at June 30, 1994. Accordingly, beginning fund equity at July 1, 1994, has been restated for the following:
Regional Jail Authority adjusted the special revenue fund to recognize previously unrecorded receivables and to reflect a liability for consumer sales taxes received and improperly recorded as revenue due to expiration of the legislative appropriation.
Regional Jail Authority adjusted its records in the debt service fund to recognize previously unrecorded investments. This adjustment resulted in an increase in previously recorded investments and an increase in the beginning fund balance at July 1, 1994, of approximately $7 million. Corrections were made to the School Building Authority’s debt service fund to consistently apply the State’s policy of accounting for debt service. This resulted in an increase of approximately $14 million in the beginning fund balance at July 1, 1994.
Subsequent to the issuance of the Workers’ Compensation Fund 1994 Financial Statements, management of the Workers’ Compensation Fund determined that certain balances had not been fairly recorded at June 30, 1994. The estimated claims liability was restated due to corrected information related to age of claimants, as well as the consideration of benefits paid in arrears to recipients of permanent total disability. The effects of such changes resulted in an increase in the actuarially calculated estimated liability and a corresponding increase in total deficit.
Corrections of fund equity in the General Long-Term Debt Account Group resulted from management’s consistent application of the State’s policies related to accounting for debt service.
Reserved Fund Equity
The following tables summarize the Reserved Fund Equity at June 30, 1995 (expressed in thousands):
| Total Reporting Entity (Memorandum Only) |
Advances To Other Funds |
Assets Not Available For Expenditure |
Revenue Shortfall Reserve |
Debt Service |
Capital Projects |
Trust and Agency |
Higher Education |
|
|---|---|---|---|---|---|---|---|---|
| General Fund | $178,343 | $104,793 | $9,844 | $63,706 | $- | $- | - | $- |
| Special Revenue Funds: | ||||||||
| State Road | 30,615 | - | 30,615 | - | - | - | - | - |
| Regional Jail Authority | 106 | - | 106 | - | - | - | - | - |
| Environmental Protection | 33,036 | - | 33,036 | - | - | - | - | - |
| Debt Service Funds: | ||||||||
| State Road | 3,467 | - | - | - | 3,467 | - | - | - |
| School Building Authority | 58,661 | - | - | - | 58,661 | - | - | - |
| Regional Jail Authority | 21,240 | - | - | - | 21,240 | - | - | - |
| Health & Human Resources | 4,679 | - | - | - | 4,679 | - | - | - |
| Capitol Project Funds: | ||||||||
| State Road | 29,920 | - | - | - | - | 29,920 | - | - |
| School Building Authority | 164,672 | - | - | - | - | 164,672 | - | - |
| Regional Jail Authority | 6,672 | - | - | - | - | 6,672 | - | - |
| Health & Human Resources | 328 | - | - | - | - | 328 | - | - |
| Enterprise Funds: | ||||||||
| Workers' Compensation Fund | 19,327 | 19,327 | - | - | - | - | - | - |
| Trust Funds: | ||||||||
| Employment Security | 185,886 | - | - | - | - | - | 185,886 | - |
| Irreducible School Fund | 1,749 | - | - | - | - | - | 1,749 | - |
| Wildlife Endowment | 12,817 | - | - | - | - | - | 12,817 | - |
| Consolidated Public | ||||||||
| Retirement Board | 2,544,775 | - | - | - | - | - | 2,544,775 | - |
| Higher Education Funds: | ||||||||
| Current Restricted Funds | 13,362 | - | - | - | - | - | - | 13,362 |
| Loan Funds | 43,783 | - | - | - | - | - | - | 43,783 |
| Plant Funds | 99,233 | - | - | - | - | - | - | 99,233 |
| Component Units: | ||||||||
| Educational Broadcasting Authority | 205 | - | - | - | 205 | - | - | - |
| Housing Development Fund | 153,551 | - | - | - | 153,551 | - | - | - |
| WVU Hospitals | 49,696 | - | - | - | 49,696 | - | - | - |
| Total | $3,656,123 | $124,120 | $73,601 | $63,706 | $291,499 | $201,592 | $2,745,227 | $156,378 |
Designated Fund Balances
The following table summarizes the Designated Fund Balances at June 30, 1995 (expressed in thousands):
| Special Revenue |
Other Component Units |
|
|---|---|---|
| Designated by Armory for Purchase or Construction of Capital Assets |
$2,893 | $- |
| Designated by WVU Hospitals for Funded Depreciation |
50,260 |