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Glenn Hegar  ·  Texas Comptroller of Public Accounts

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Bonds

Instructions for the BRS Web Application

Agencies use the Bond Reporting System (BRS) web application to submit bonds-payable information to the Comptroller’s office during the AFR process. Each agency’s information in BRS is used to prepare bond tables and schedules in the CAFR, thus the requirement for each agency to certify the data. Bond information in each agency’s AFR is considered to be secondary support. The bond information entered in the BRS web application must tie to the bond information reported in the agency’s AFR.

Or click on the headings below to open a topic individually.

Establish Security Access for BRS [+]

Ensure proper security access exists as early in the process as possible. Contact your agency’s security coordinator to request BRS web application access for each agency number you are reporting.

Verify proper security access was established by viewing the USAS Titles Profile (D53) screen as shown below. On the D53 screen:

  1. Enter R in the ACTION field.
  2. Enter BOND in the TABLE ID field.
  3. Enter your User ID and agency number in the KEY field.

    If you enter your User ID without the agency number, USAS automatically appends it to the end of your User ID.

  4. Press Enter.

    Your name appears in the TITLE field if your security access was properly established.

    Once security access is granted, USAS requires one overnight cycle to run before you can access the BRS web application.

    TEXAS  SD53    UNIFORM STATEWIDE ACCOUNTING SYSTEM                      08:49 AM 
LINK TO:                        TITLES PROFILE                              PROD 
                                                                                
 ACTION: R    (A=ADD, C=CHANGE, D=DELETE, N=NEXT, R=RECALL)                     
                                                                                
               TABLE ID: BOND                                                   
                                                                                
                    KEY: JSMI413111                                             
                                                                                
                  TITLE: SMITH,JOE                                              
   
                                                         STATUS CODE: A         
  EFF START DATE: 07202000   EFF END DATE:      LAST PROC DATE: 07202000        
 Z06 RECORD SUCCESSFULLY RECALLED                                               
 PLEASE ENTER FUNCTION                                                          
 F1-HELP   F3-END   F4-INTERRUPT   F6-PROCESS                                   

    

Note: In the sample screen above, the KEY field shows an enabled User ID of ‘JSMI413’ with access to Agency ‘111’.

Gathering Information [+]

Gather all bond-related information for use in reporting agency bonds payable for 20CY.

Navigating the BRS Web Application [+]

Log into the BRS Web Application [+]

Once proper security access is established, you can access the BRS web application.

  1. Enter your USER ID.

    Your User ID is the same as your ACID used to access the Comptroller’s mainframe and USAS.

  2. Enter your PASSWORD.

    This is your USAS password.

  3. Click Login to enter the BRS web application.

    If your BRS web application security access is denied and an error message displays, contact your agency’s security coordinator.

  4. The Select Agency menu appears. From the drop-down menu, select the agency with the information you wish to view or edit. Once the agency is selected, you are able to add new bonds, display/edit existing bonds and generate reports.

Adding a New Bond Issue for the Current Fiscal Year [+]

Follow these steps to add a bond issue for the current fiscal year:

  1. Click Add New Bond on the Bond Options screen.
  2. Follow the directions below (Sections 1, 2, 3 or 4) that are specific to sections and fields.
  3. Enter all fields in all sections of the screen.

    Note: Enter amounts as dollars and cents (for example, enter $1,000,295.79 as $1,000,295.79).

  4. Click Save. The application automatically links to the Principal and Interest screen.
  5. Enter the principal and interest payments for the current fiscal year and for each of the remaining years of the bond issue’s life. This information must agree with the information contained in the bond issue’s amortization schedule.
  6. When the principal and interest information is entered, check to see if there is an amount in the DIFFERENCE field.

    Note: If the totals for future years’ principal payments do not equal the BONDS OUTSTANDING field on the New Bond Issue screen, an amount displays in the DIFFERENCE field. There should only be a difference to account for remaining accretion associated with discount bonds.

  7. If the DIFFERENCE field displays an amount and it is due to accretion, select the Allow Difference for Accretion option.
  8. Click Save to process the bond issue’s information.

Section 1:
Fields with Special Instructions

Description of Issue

Each bond is identified using the same exact name in all places requiring a description of the issue (for example, agency Y general obligation bonds, series 20CY). If abbreviations are required, ensure they are used consistently throughout the system.

GWFS

Select the appropriate reporting category from the drop-down menu.

First Call Date

Enter the call date or select the Date N/A option if there is no call date for the issue.

Bond Type

Select the appropriate bond type from the drop-down menu.

Bond Subtype

Select the appropriate bond subtype from the drop-down menu.

Low Interest Rate — Percent, not Decimal and High Interest Rate — Percent, not Decimal

Enter interest rates as a percentage, not a decimal. Round decimals to the fourth place (for example, enter 4.34568 percent as 4.3457). For variable-rate bonds, enter VAR and disclose the terms when the interest rates change in the COMMENTS field (such as, weekly, monthly, quarterly, yearly, etc.).

Scheduled Maturity First Year and Final Maturity Date

Enter the appropriate calendar year in the SCHEDULED MATURITY FIRST YEAR field (for example, 2006).

Enter the month, date and year in the FINAL MATURITY DATE field (for example, Aug 25 2030).

Bonds Issued to Date

Par value amount of bonds issued to date for each bond series is comprised of original par value at time of bond issuance plus annual accretion amortization.

Unexpended Bond Proceeds (Year-End)

Report year-end cash balance — bond proceeds are not always expended in the same fiscal year as the fiscal year the debt was issued. With major construction projects continuing for multiple fiscal years to completion, a cash balance can remain for extended periods of time. In addition to arbitrage-related concerns, there is interest at the state and local levels regarding the consumption of these resources.

Project Payables (Year-End)

Report any account payable, retainage payable or other payables at the reporting date that are to be paid from bond proceeds.

Remaining Contract Balance (Year-End)

Construction and other related contracts may span multiple years. Disclose any remaining claims to be paid from bond proceeds. This information is necessary in order to identify uncommitted bond proceeds.

Total Expended Proceeds (Year-End)

Report cumulative cash expenditures from bond proceeds expended since the bond sale to current fiscal year-end. This includes prior fiscal year expenditures as well as any reimbursements for prior expenditures that were authorized in the bond documents.

Authorized Unissued Amount

Enter all authorized but unissued amounts reported as of fiscal year-end. This is primarily for general obligation bonds (having authorized set amounts of bond debt). If a partial bond sale was made prior to fiscal year-end for tuition revenue bonds with residual authority remaining, apply the disclosure to tuition revenue bonds in BRS (for example: authorized to sell $30,000,000; $20,000,000 sold; $10,000,000 authorized but unissued — with the latter amount for use in the transparency reporting only).

Upload a File

To upload support files (such as schedules, tables, note narrative, etc.) to the BRS database:

  1. Click Upload.
  2. Click Browse to the load the file directory.
  3. Route to and select file desired for upload.
  4. Click Open.
  5. Click Continue to upload the file.
    Only one file upload is allowed for each bond issue. However, there is a second place for file uploads in Section 4.

Section One Comment (max 255 char)

Disclose additional information related to the various data fields in Section 1. The additional information collected (starting with fiscal 2013 for use in the Comptroller’s transparency reporting) may require information beyond that displayed in the various data fields.

Section 2:
Fields with Special Instructions

Bonds Outstanding Beginning (Par Value)

Populated field carried forward from prior year bonds outstanding balance.

Bonds Issued

Enter current fiscal year bonds issued and accretion for deep discount bonds only. Examples of discount bonds include capital appreciation bonds, zero coupon bonds and limited interest mortgage obligation bonds.

Bonds Matured or Retired

Enter only current fiscal year scheduled principal payments.

Bonds Defeased, Refunded or Extinguished

Report the total of all actions for the fiscal year if there is more than one such action taken on a given bond issue during the fiscal year. If there is more than one such action, explain each action in the COMMENTS field in Section 4.

Par Value Adjustments

Enter par value restatements and other par value adjustments. The value entered in this field is included in the Bonds Outstanding calculation.

Bonds Outstanding

This is a calculated field which applies current year par value activity to Bonds Outstanding Beginning. The Other Adjustments (current year) field has been added to incorporate par value adjustments in this section.

Unamortized Premium, Discount and Accretion

BRS has separate fields for current fiscal year, prior fiscal year (cannot be edited) and next fiscal year for each category. These balances are all used by BRS to calculate current year amortization and amounts due in one year. Verify the current fiscal year unamortized balance(s) at fiscal year-end and update as needed. Also enter the ending balance of unamortized premium, discount and accretion for next fiscal year-end. Do not enter any balance(s) that were expensed in the fiscal year of issuance.

Issuance Costs

GASB 65, paragraph 15, eliminates the amortization of issuance costs, other than those for prepaid insurance, by requiring these to be expensed in the fiscal year the bond is issued. Prior to implementation of this requirement, it was recommended that issuance costs be reported as deferred charges (a noncurrent asset) if being amortized. Disclose any prepaid insurance to be amortized as a noncurrent asset, since “deferred” can no longer be used for assets or liabilities.

Other Adjustments (current year)

Enter non-par value restatement and other non-par value adjustment amounts. Do not enter amortization of premiums and discounts here. Amortization is calculated by the BRS web application from the unamortized balances entered elsewhere in Section 2.

Net Bonds Outstanding

This is a calculated field that applies current fiscal year unamortized premium and discount ending balance as well as non-par value current fiscal year adjustments to Bonds Outstanding (ending par value balance). Prior fiscal year balance carries forward from prior fiscal year BRS and cannot be edited.

Deferred Inflow/Outflow of Resources on Refunding (current, prior and next year)

Enter the difference between the reacquisition price and the net carrying amount of the old debt in a refunding. This field was previously used to disclose gain or loss on refunding balances to be amortized. The unamortized balance increased or decreased the net bonds payable balance of the refunding bond issue.

GASB 65, paragraph 6, now requires this amount to be classified as deferred outflows of resources and deferred inflows of resources. This information will continue to be collected as a means of identifying the interest expense offset from amortization of the balance each fiscal year, but has been removed from the balance calculation of net bonds payable.

Section 3:
Fields with special instructions

Enter current fiscal year information related to partial or full defeasements / refundings / extinguishments in this section. If there is more than one such action taken on a given bond issue during the fiscal year, report the total of all actions in the fiscal year and explain each action in the COMMENTS field in Section 4. You may also send this disclosure information to your financial reporting analyst.

Category

Select the appropriate category from the drop-down menu.

Year Refunded/Defeased

Enter the calendar year of the transaction.

Par Value Outstanding

Enter the par value of defeased bonds outstanding at fiscal year-end.

Cash Flow Difference

Enter the difference between the cash flows required to service the new debt in comparison to the old debt.

Economic Gain/(Loss)

Enter the difference between the present value of cash flow requirements of the old debt and the present value of the cash flow requirements of the new debt.

Refunding Issue Par Value

Enter the par value of the new debt issued to refund the old issue. If only a part of the new debt relates to the refunding, disclose only that part and disclose remainder in the Other Funding Sources field.

Other Adjustments (current year)

Enter non-par value restatement and other non-par value adjustment amounts. Do not enter amortization of premiums and discounts here. Amortization is calculated by the BRS web application from the unamortized balances entered in Section 2.

Note: As part of the BRS carry forward, a new bond number is assigned for use in future fiscal years to track the subsequent activity of the refunded/defeased bonds.

Section 4:
Fields with special instructions

Enter information related to pledged revenue and related expenses/expenditures and capital outlay for all revenue bonds and general obligation bonds for which there is a specific revenue pledge.

Total Pledged and Other

One or more revenue sources are pledged to bond holders for repayment of bond principal and interest on the outstanding debt. The pledge may be a net pledge (remaining revenue after related operating expense is applied) or a gross pledge (entire revenue source is pledged). Other sources that are not pledged may be used to pay some or all debt service (Legislative Appropriation for Tuition Revenue Bonds).

Operating Expenditures and Capital Outlay

Enter the estimated operating expenses and capital outlay for revenue financing systems for which the pledge is a gross-revenue pledge in the COMMENTS field only.

Upload a File

A second upload of support files (such as schedules, tables, note narrative, etc.) is allowed in this section. To upload support files to the BRS database:

  1. Click Upload.
  2. Click Browse to the load the file directory.
  3. Route to and select file desired for upload.
  4. Click Open.
  5. Click Continue to upload the file.
    Only one file upload is allowed for each bond issue.

Section Four Comments (max 255 char)

Disclose any additional information related to this bond issue in this field, including any exceptions that the BRS web application does not address.

Editing an Existing Bond Issue [+]

Follow these steps to edit an existing bond issue:

  1. Click Display/Edit Bonds on the Bond Options screen.
  2. Click Edit for the bond you wish to edit.
  3. Follow the directions in the Adding a New Bond Issue for the Current Year section above and select the section(s) and field(s) specific to edit desired on the existing bond (Sections 1, 2, 3 or 4).
  4. Verify that all fields in all sections of the screen are correct. Make corrections as needed.

Note: Enter amounts as dollars and cents (for example, enter $1,000,295.79 as $1,000,295.79).

  1. Click either Save or Principal and Interest. The application automatically links to the Principal and Interest screen whether you click Save or Principal and Interest.
  2. Verify all BRS information is correct. Enter current fiscal year activity for each bond and correct the principal and interest payments for the current fiscal year and for each of the remaining years of the bond issue’s life for changes due to partial refundings and extinguishments or variable rate interest changes. Verify this information agrees with the information contained in the bond issue’s amortization schedule.
  3. When the principal and interest information is entered, check to see if there is an amount in the DIFFERENCE field.

Note: If the totals for future years’ principal payments do not equal the BONDS OUTSTANDING field on the Edit an Existing Bond Issue screen, an amount displays in the DIFFERENCE field. There should only be a difference to account for remaining accretion associated with discount bonds.


  1. If the DIFFERENCE field displays an amount and it is due to accretion, select the Allow difference for accretion option.
  2. Click Save to process the bond issue’s information.

Certifying an Agency’s Bonds [+]

Closing the BRS Web Application

Once you enter all of your agency’s bond information and are satisfied the results agree with your agency’s AFR, the BRS must be certified. Once you certify, you are not allowed to enter new bonds or edit existing bonds for your agency.

Follow these steps to certify BRS:

  1. Click Certify Bonds on the BRS home screen.
  2. Click Certify on the Certify all Bonds for This Agency screen.
  3. Print a copy of the Certification screen for your files and make a copy to send with the agency’s AFR documents on Nov. 20, 20CY.
  4. If adjustments are necessary subsequent to agency certification, please contact your financial reporting analyst for assistance in reopening the BRS web application for the necessary updates.

Submit all Bond schedules 2A–2F either as an uploaded file in the BRS web application or as a Microsoft Excel format (as applicable) sent by email to frs@cpa.texas.gov.

Error Messages After Your Agency is Certified

The BRS web application displays an error message if you attempt to add new bonds or edit existing bonds for your agency after certification.

Generating and Printing Automated Reports [+]

You can generate the following BRS reports on your agency’s bonds once all current fiscal year activity is entered and saved in BRS.

  • Schedule 2A — Miscellaneous Bond Information
  • Schedule 2B — Changes in Bonded Indebtedness
  • Schedule 2C — Debt Service Requirement Schedule
  • Schedule 2D — Analysis of Funds Available for Debt Service
  • Schedule 2E — Schedule of Defeased Bonds Outstanding, and
  • Schedule 2F — Schedule of Early Extinguishment and Refunding
  • Miscellaneous Reports:
    • Certified Bonds
    • Comments
    • All Comments and File Attachments
    • Transparency Report

Note: For information on what each schedule should contain, see Required Schedules and Samples.

To generate reports on your agency’s bonds:

  1. Click Generate Reports on the Bond Reporting home screen.
  2. Select HTML or Excel for the report you wish to generate.

If you have questions about the BRS web application, please contact your financial reporting analyst.

Glenn Hegar
Texas Comptroller of Public Accounts
Questions? Contact statewide.accounting@cpa.texas.gov
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