A County Landfill Is an Enterprise Fund

Essay

A county landfill is an enterprise fund. The county presents a budgetary comparison schedule for the landfill, using the modified accrual basis to report actual fiscal 2020 revenues in excess of expenditures and other financing sources (uses) of $500,000. However, the landfill's operating statement, prepared using full accrual accounting, reports a fiscal 2020 change in net position of $530,370. The following information is available for fiscal 2020 for the landfill.
1) Depreciation expense was $850,000.
2) Noncurrent compensated absences payable increased by $600.
3) Inventory increased by $1,400 (purchases method used for modified accrual reporting).
4) Debt principal payment was $1,600,000.
5) Capital outlay was $1,450,000.
6) Accrued interest payable increased by $430.
7) OPEB and pension liabilities increased by $1,950,000 due to benefits earned by landfill employees in fiscal 2020.
8) Amortization of deferred outflows of resources for pensions was $240,000.
9) Book value of capital assets sold was $50,000.
10) Amortization of deferred outflows of resources for debt refunding was $30,000.
11) Amortization of bond premium was $100,000.
Required
Prepare a schedule reconciling the $500,000 revenues in excess of expenditures and other financing sources (uses) to the $530,370 change in net position for the Water Fund.