Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Notes & Samples

NOTE 5 – Long-Term Liabilities
Pledged Future Revenues

Required Disclosures

GASB 48 requires each agency to present disclosures in the notes to the financial statements on the revenues it pledges to collateralize debt (until the debt is fully repaid) including:

• Identification of the pledged revenue source, the amount pledged and the percentage of the total revenue stream that has been pledged (if it can be estimated).
• Identification of the debt and its purpose.
• The length of the pledge.
• A comparison of the pledge revenues recognized during the reporting period with the required debt service payments for the fiscal year.

Disclosure methodology

Use the Pledged Future Revenues table to disclose certain information required by GASB 48. Additional required disclosures are reported elsewhere in Note 5 and 6 and are therefore not duplicated in this table:

Pledged Future Revenue — Governmental Activities*

* Enter all amounts in dollars and cents.

Pledged Future Revenue — Business-Type Activities*

* Enter all amounts in dollars and cents.

Pledged Future Revenue — Component Units*

* Enter all amounts in dollars and cents.

For other types of debt, add additional rows or remove the rows that are presented above, if necessary.