Texas Military Department Annual Financial Report: 2014 Page: 9
53 p.View a full description of this report.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
UNAUDITED
"
payments. All monies remaining in the fund not required for bond principal and interest payments
are used to the extent required for payment of operations and maintenance expenditures of the
Texas Military Department.
Debt Service Funds
Debt Service funds are used to account for the accumulation of resources for, and the payment of,
general long-term debt principal and interest. The Debt Service funds include the Interest and
Sinking fund.
The function of the Interest and Sinking fund is to provide for payment of principal and interest on
the Texas Military Department's outstanding revenue bonds. The Texas Military Department
transfers from the Revenue Bonds - Revenue Fund monies that are sufficient together with the
Interest and Sinking fund, to pay the interest and principal due each October 1 and April 1.
Transfers may also be made to the Interest and Sinking fund from any residual balance from bond
proceeds in the capital projects fund.
Capital Project Fund
Capital Project Funds are used to account for financial resources used for the acquisition, repair,
renovation or construction of major capital facilities. This fund was created to utilize funds from the
sale of revenue bonds. Monies derived from the sale of the Texas Military Department's revenue
bonds were deposited to the Capital Projects Fund in accordance with the provisions of the
Certificate of Resolution authorizing the issuance of the revenue bonds. These funds are subject
to and charged with a lien in favor of the holders of the bonds until such funds are paid out for
project costs.
All interest and gains from investments of the Capital Projects fund remain as a part of the fund.
After completion of all project costs, the remaining balances in the fund will be transferred to the
Debt Service Funds and will be applied as a reduction of the deposits required to be made to that
fund. This fund is also used to account for payment of construction costs.
Capital Asset Adjustment Fund Type
Capital Asset Adjustment fund type will be used to convert governmental fund types capital asset
from modified accrual to full accrual.
Long-Term Liabilities Adjustment Fund Type 0
Long-Term Liabilities Adjustment fund type will be used to convert governmental fund types debt
from modified accrual to full accrual.
Fiduciary Fund Types
Agency Funds
Agency funds are used to account for assets the government holds on behalf of others in a purely
custodial capacity. Agency funds involve only the receipt and remittance of fiduciary resources to
individuals, private organizations, or other governments.
MEMORANDUM TOTALS
The total columns on the financial statements are captioned "Memorandum Only" to indicate that
they are for informational purposes only. Data in these columns does not present the financial
position, results of operations or changes in financial position in conformity with GAAP, nor is suchdata comparable to a consolidation.
9s0
Upcoming Pages
Here’s what’s next.
Search Inside
This report can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Report.
Texas Military Department. Texas Military Department Annual Financial Report: 2014, report, Autumn 2014; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth653605/m1/18/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.