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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 2C – Debt Service Requirements

Schedule 2C – Debt Service Requirements presents the future cash payments of both the principal and interest for each bond series by fiscal year according to the bond issue’s amortization schedule.

Interest requirements for variable-rate debt are determined using the rate in effect at the financial statement date. Disclose the terms by which interest rates change for variable-rate debt. The disclosure considers the life of the debt service requirements and not just current requirements. For the purposes of computing amounts for this schedule, principal on variable rate bonds is considered paid at maturity unless otherwise required. Report total accretion on this schedule in the principal column in the year of maturity only.

Separate and identify each bond series issued as described in Schedule 2A. Disclose the debt service payments (principal and interest presented separately) for the following periods in the hard copy submission of Schedule 2C and in the BRS web application:

  • Fiscal 20X1 (future year 1)
  • Fiscal 20X2 (future year 2)
  • Fiscal 20X3 (future year 3)
  • Fiscal 20X4 (future year 4)
  • Fiscal 20X5 (future year 5)
  • Five-year increments thereafter
  • Total Required

A bond issue is not required to be included on this schedule if bonds outstanding at Aug. 31, 20CY on Schedule 2B is zero.

GASB 88 requires agencies to disclose direct borrowings and direct placements of debt separately from all other debt. For more information, see Direct Borrowings and Direct Placements.