Acton-Boxborough Regional School District Notes to Basic Financial Statements Year Ended June 30, 2024
Government-Wide Financial Statements
Transfers between and within governmental funds are eliminated from the governmental activities in the statement of activities.
Fund Financial Statements
Transfers between and within funds are not eliminated from the individual fund statements and are reported as transfers in and transfers out.
L. Net Position and Fund Equity
Government-Wide Financial Statements (Net Position)
Net position reported as “net investment in capital assets” includes capital assets, net of accumulated depreciation, less the principal balance of outstanding debt used to acquire capital assets. Unspent proceeds of capital related debt are not considered to be capital assets. Outstanding debt related to future reimbursements from the state’s school building program is not considered to be capital related debt. Net position is reported as restricted when amounts are not available for appropriation or are legally restricted by outside parties for a specific future use. Net position has been restricted for “gifts and grants” which represents assets that have restrictions placed on them from outside parties. Sometimes the District will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted – net position and unrestricted – net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the District’s policy to consider restricted – net position to have been depleted before unrestricted – net position is applied.
Fund Financial Statements (Fund Balances)
Governmental fund balances are classified as nonspendable, restricted, committed, assigned, or unassigned based on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent.
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