BFPD FY26 GFOA Budget - Flipbook - Page 169
| APPENDIX
Governmental Accounting Standards Board (GASB) Statements
Recently implemented GASB Statements relevant to the District based on most recent audit.
Statement No. 100, Accounting Changes and Error Corrections, issued in June 2022, was
adopted by the District during the year ended December 31, 2024.
Statement No. 101, Compensated Absences, issued in June 2022, was adopted by the District
during the year ended December 31, 2024.
Upcoming GASB Statements Relevant to the District
Statement No. 102, Certain Risk Disclosures, issued in December 2023, will be adopted by the
District during the year ended December 31, 2025.
Statement No. 103, Financial Reporting Model Improvements, issued in April 2024, will be
adopted by the District during the year ended December 31, 2026.
District management has not yet determined the effect these Statements will have on the
District’s financial statements.
Cash and Investments
For purpose of the Statement of Net Position, the District's cash and cash equivalents are
considered to be cash on hand, demand deposits, and cash with fiscal agent. Investments are
reported at fair value. Short-term investments are reported at cost, which approximates fair value.
Securities traded on national exchanges are valued at the last reported sales price. Investments
that do not have any established market, if any, are reported at estimated fair value.
Pooled Cash
Cash resources of the individual governmental fund types are combined to form a pool of cash
and, when applicable, investments. At December 31, 2025, the District's cash was deposited in
demand accounts and money market savings accounts.
Interfund Activity
During the course of normal operations, the District has transactions between funds, including
expenditures and transfers of resources to provide services and construct assets. Legally
authorized transfers are treated as transfers and are included in the results of operations of
Governmental Funds and, when applicable, Proprietary Funds. Transactions between funds that
are representative of cash overdrafts from pooled cash and investing are reported as interfund
receivables or payables. Short-term amounts owed between funds are classified as "Due to/from
other funds".
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