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Glenn Hegar  ·  Texas Comptroller of Public Accounts

Reporting Requirements for Annual Financial Reports of State Agencies and Universities


Agency Fiscal Year-End USAS Adjustments and AFR Checklist
Step 8 – Notes to the Financial Statements

Note 5 – Long-Term Liabilities (Submitted through the LTLN web application)

  1. Verify each line item of LTLN (for example, loans and notes payable) ties to the AFR balance sheet/statement of net position. Changes in debt balances are presented.
  2. Verify debt service requirements for notes payable are presented for five years, and five-year increments thereafter, for both principal and interest amounts.
  3. Verify the principal amount for the first year of the debt service notes payable and capital lease obligations (as disclosed in Note 8) is equal to the amount due within one year for the notes payable and capital lease obligations categories.
  4. Ensure text includes description of claims & judgments, pollution remediation obligations, notes and loans payable (or any other category if applicable) to support required disclosure.
  5. Ensure that all long-term liabilities are split between due within one year and due in more than one year.
  6. Submit a copy of the agency’s applicable note from its published AFR through the LTLN web application. The required format is a Microsoft Word document (latest version: docx) with header information that includes: agency name/number and note number/name. If any note contains a table, include the table in the Word document — rather than as a separate Excel document or other database application file. Do not submit a note to indicate “not applicable.”
Glenn Hegar
Texas Comptroller of Public Accounts
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