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Glenn Hegar  ·  Texas Comptroller of Public Accounts

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Notes & Samples

NOTE 4 – Short-Term Debt
Sample (Illustrative, may not tie to exhibits)

Sample 1

Sample Agency has a line of credit available with Bank ABC. On April 5, 20CY, Sample Agency borrowed $200,000 from Bank ABC to cover temporary cash shortages in the general fund due to the timing of revenue collection. Sample Agency paid in full on June 1, 20CY.

Governmental Activities Beginning Balance 09/01/20PY Increases Decreases Ending Balance
08/31/20CY
Commercial Paper $0 $200,000.00 $200,000.00 $0

Sample 2

On June 01, 20CY, Sample Agency issued $1,000,000 Commercial Paper Notes to serve as an interim financing source for long-term construction projects in advance of issuing authorized bonds, and $300,000 matured before Aug. 31 20CY. As of November 20, 20CY, Sample Agency does not have an agreement with a financial institution to issue bonds to pay off the outstanding Commercial Paper Notes. Therefore, Sample Agency reports the Commercial Paper Notes in (GL 1068) short-term debt as follows:

Governmental Activities Beginning Balance 09/01/20PY Increases Decreases Ending Balance
08/31/20CY
Commercial Paper Notes $0 $1,000,000 $300,000 $700,000
Glenn Hegar
Texas Comptroller of Public Accounts
Questions? Contact statewide.accounting@cpa.texas.gov
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