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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 20 – Deficit Fund Balances/Net Position
Sample (Illustrative, may not tie to exhibits)

A negative change in net position occurred in the enterprise fund operations primarily as a result of two factors:

  • A required balloon payment for bond interest
  • A required statutory transfer

Sample Agency reported a deficit balance for fund 1234. This deficit is the result of a lower-than-expected return on investments during the fiscal year.