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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 6 – Bonded Indebtedness
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 6 and are therefore not duplicated in this table:

Collateralized Debt General Obligation
Bonds
Revenue Bonds
Government
Activities
Government
Activities
Business-Type Activities Component Units
Pledged Revenue Required for Future Principal and Interest on Existing Revenue Bonds        
Term of Commitment Fiscal Year Ending 08/31        
Percentage of Revenue Pledged        
Current Fiscal Year Pledged Revenue        
Current Fiscal Year Principal and Interest Paid        
Glenn Hegar
Texas Comptroller of Public Accounts
Questions? Contact statewide.accounting@cpa.texas.gov
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