FY25 GFOA Budget - Flipbook - Page 165
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APPENDIX
funds, when applicable, is recorded as an expense and liability of those funds as the
benefits accrue to employees. A liability for these amounts is reported in governmental
funds only if they have matured, for example, as a result of employee resignations or
retirements.
Full-time District employees are entitled to paid vacation time in varying amounts based on
years of service. Unused vacation time is typically not carried over to the next fiscal year
with the exception of Administrative staff.
District employees are entitled to paid sick time in varying amounts based on years of
service. Sick hours accumulated per employee can be sold back to the District. The
District’s compensated absences liability at December 31, 2024 comprises of sick time buy
back amounts.
Capital Assets
Capital assets, which include land, buildings and improvements, equipment, and when
applicable, infrastructure assets (e.g., roads and bridges), are reported in the applicable
government or business-type activities columns in the government-wide statements.
Capital assets are defined as assets with a cost of $1,000 or more. Capital assets are
recorded at historical cost if purchased or constructed, or at estimated historical cost if
actual historical cost is not available. Donated capital assets, donated works of art and
similar items, and capital assets received in a service arrangement are reported at
acquisition value rather than fair value. The costs of normal maintenance and repairs that
do not add to the value of the asset or materially extend the asset’s life are not capitalized.
All reported capital assets are depreciated. Improvements are depreciated over the
remaining useful lives of the related capital assets. Depreciation on all assets is computed
using the straight-line method over the following estimated lives: Buildings and
Improvements 3 - 40 Years Machinery and Equipment 3 - 40 Years
GASB Statement 34 requires the reporting and depreciation of the new infrastructure
expenditures effective with the beginning of the implementation year.
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position includes a separate section for deferred
outflows of resources. This separate financial statement element represents a consumption
of net position that applies to a future period(s) and will not be recognized as an outflow of
resources, or expenses/expenditures, until then. The District has deferred changes in
proportion dealing with pensions and contributions made after the measurement date. The
District currently does not have deferred charges on refunding debt. These represent a
consumption of net position that applies to future periods and is not recognized as an
outflow of resources until then.
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