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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Notes & Samples

NOTE 6 – Bonded Indebtedness
Schedule 2B – Changes in Bonded Indebtedness

Schedule 2B – Changes in Bonded Indebtedness presents increases and decreases to the principal balance of each bond series. Disclose the following in the hard copy submission of Schedule 2B and in the BRS web application, where applicable:

  • Separate and identify each bond series issued as described in Schedule 2A.
  • Description of issue – The exact title, series and calendar year of the bond as presented for other bond schedules. Avoid abbreviations if possible.
  • Bonds outstanding at 09/01/PY — This amount must agree with the ending principal balance in the previous year’s bond schedules.
  • Bonds issued — This reflects the par value of amounts issued for the specific series during the fiscal year. This column is also used to present annual principal accretion on all discount bonds (for example, capital appreciation, zero coupon or limited interest mortgage obligation bonds). A timing difference exists when the agency computes accretion for a bond series and that accretion does not coincide with the end of the fiscal year. In these situations, the agency will extrapolate the accretion from the last payment date to the end of the fiscal year, if material.
  • Bonds matured or retired — This is the par value (or currently accreted value for discount bonds) of all bonds retired during the fiscal year due only to a scheduled maturity. This amount ties to the bond issue’s amortization schedule and to the principal column on Schedule 2D.
  • Bonds refunded or extinguished — This is the par value (or currently accreted value for discount bonds) of all bonds retired due to an early extinguishment (unscheduled maturity, call or refunding). Fiscal year-end outstanding balances of old debt resulting from an advance refunding/extinguishment must be reported on Schedule 2E.
  • Adjustments — This includes restatements and current year amortization of premiums and discounts as well as any other corrections to bonds payable balances. Do not include accretion amortization as adjustments.
  • Bonds outstanding at 08/31/CY — This balance, that can be calculated by applying current year bond transactions to the bonds outstanding at Sept. 1 20CY, must agree with bonds payable reported on the balance sheet/statement of net position and the amount disclosed in the notes to the financial statements. If the amounts do not agree, prepare a reconciliation in this schedule to disclose unamortized premiums and discounts pursuant to GASB 23 or GASB 65. A separate reconciliation is required for each bond series issued as described in Schedule 2A.
  • Amounts due within one year — This amount is the current portion of the principal payment due in one year. This amount is adjusted for premiums and discounts to be amortized within the next year.