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5

City of Raleigh

Financial Section

RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS

TO THE STATEMENT OF NET POSITION

 June 30, 2016

Total

fund balances

for governmental funds

559,308,806

$             

Total

net position

reported for governmental activities in the statement of net position is different because:

1,081,487,008

1,084,177

11,486,606

29,118,870

1,047,938

Deferred outflows of resources related to pensions are not reported in the funds

12,214,642

(351,862,628)

$                        

(248,358,947)

Earned Vacation Pay

(19,165,608)

Net pension liability

(12,552,338)

Accrued Interest Payable

(5,010,870)

(636,950,391)

$                        

(636,950,391)

Deferred inflows of resources related to pensions are not reported in the funds

(6,826,258)

Net position of governmental activities

1,051,971,398

$          

The notes to the financial statements are an integral part of this statement.

Some liabilities, including bonds payable, are not due and payable in the current period and therefore are not

reported in the funds. See below for detail regarding these liabilities.

General obligation Bonds - long-term, net of issuance premium

Installment Financing Agreements - long-term, net of unamortized refunding charges

and issuance premium

The net pension assets/liabilities resulting from contributions greater than or less than the amount of annual

required contributions are not financial resources and therefore are not reported in the funds.

Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds.

(Land and construction in progress - $461,867,906 capital assets being depreciated, net - $619,619,102).

Deferred issuance costs are reported as expenditures in the funds because current financial resources are used. In the

governmental activities issuance costs are recorded as a long-term asset and amortized over the life of the debt.

Internal service funds are used by management to charge the costs of certain activities, such as risk management,

employees' health benefits, equipment replacement and vehicle fleet services to individual funds. The assets and

liabilities of certain internal service funds are included in governmental activities in the statement of net position.

Taxes receivable - $274,472, and assessments receivable - $773,466, will be collected after year-end, but are not

available soon enough to pay for the current period's expenditures and therefore are reported as deferred inflows of

resources in the funds.