Fund Types
The transactions of the authority are accounted for in the following governmental fund types:
• General fund—To account for all revenues and expenditures not required to be accounted for in other funds.
• Capital projects fund—To account for and report financial resources that are restricted, committed, or
assigned to expenditure for capital outlays. Such resources are derived principally from other municipal
utility districts to which the Williamsburg Regional Sewage Treatment Authority provides certain services.
1. Recast the balance sheets of the two funds into a single consolidated balance sheet (statement of net
position). Show separately, however, the restricted and the unrestricted portions of the consolidated net
position (not each individual asset and liability). Be sure to eliminate interfund payables and receivables.
2. Which presentation, the unconsolidated or the consolidated, provides more complete information?
Explain. Which presentation might be seen as misleading? Why? What, if any, advantages do you see
in this presentation even though it might be less complete and more misleading?
Williamsburg Regional Sewage Treatment Authority Balance Sheet October 31, 2017
General
Capital Projects
Assets
Cash
$ 751
$ 5,021
Time deposits
16,398
Due on insurance claim
9,499
Due from general fund
9,000
Due from participants
66,475
4,414
Total assets
$76,725
$34,833
Liabilities and fund equity
Accounts payable
$17,725
Due to capital projects fund
9,000
$26,725
Fund balance
50,000
34,833
Total liabilities and fund equity
$76,725
$34,833
