City of Oakwood, Ohio
Notes to the Basic Financial Statements
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| Other | |||||
|---|---|---|---|---|---|
| Health | Capital | Governmental | |||
| Fund Balances | General | District | Improvement | Funds | Total |
| Nonspendable: | |||||
| Inventory | 40,478 | 0 | 0 | 142,146 | 182,624 |
| Bullock Endowment Trust Fund | 0 | 0 | 0 | 50,000 | 50,000 |
| Unclaimed Monies | 27,381 | 0 | 0 | 0 | 27,381 |
| Prepaids | $79,837 | $1,312 | $0 | $6,895 | $88,044 |
| Total Nonspendable | 147,696 | 1,312 | 0 | 199,041 | 348,049 |
| Restricted for: | |||||
| Health District | 0 | 193,092 | 0 | 0 | 193,092 |
| Street Maintenance and Repair | 0 | 0 | 0 | 618,203 | 618,203 |
| Public Safety Department Endowment | 0 | 0 | 0 | 161,669 | 161,669 |
| State Highway | 0 | 0 | 0 | 207,929 | 207,929 |
| Electric Street Lighting | 0 | 0 | 0 | 169,068 | 169,068 |
| Sidewalk, Curb and Apron | 0 | 0 | 0 | 200,404 | 200,404 |
| Enforcement and Education | 0 | 0 | 0 | 9,875 | 9,875 |
| Law Enforcement Trust | 0 | 0 | 0 | 11,164 | 11,164 |
| Court Special Projects | 0 | 0 | 0 | 32,414 | 32,414 |
| OneOhio Opioid Settlement | 0 | 0 | 0 | 62,234 | 62,234 |
| Court Computerization | 0 | 0 | 0 | 34,057 | 34,057 |
| Indigent Drivers Alcohol Treatment | 0 | 0 | 0 | 43,572 | 43,572 |
| Court Clerk Computerization | 0 | 0 | 0 | 44,486 | 44,486 |
| Smith Memorial Garden Trust | 0 | 0 | 0 | 400,560 | 400,560 |
| Bullock Endowment Trust | 0 | 0 | 0 | 2,626 | 2,626 |
| Total Restricted | 0 | 193,092 | 0 | 1,998,261 | 2,191,353 |
| Committed to: | |||||
| Capital Improvements | 0 | 0 | 1,471,795 | 0 | 1,471,795 |
| Refuse Improvement/Equipment Replacement | 18,713 | 0 | 0 | 0 | 18,713 |
| Special Projects | 4,727,531 | 0 | 0 | 0 | 4,727,531 |
| General Equipment Replacement | 0 | 0 | 0 | 1,710,642 | 1,710,642 |
| Total Committed | 4,746,244 | 0 | 1,471,795 | 1,710,642 | 7,928,681 |
| Assigned to: | |||||
| Encumbrances | 158,713 | 0 | 0 | 0 | 158,713 |
| Total Assigned | 158,713 | 0 | 0 | 0 | 158,713 |
| Unassigned (Deficit) | 11,422,144 | 0 | 0 | 0 | 11,422,144 |
| Total Fund Balance | $16,474,797 | $194,404 | $1,471,795 | $3,907,944 | $22,048,940 |
Note 14 – Implementation of New Accounting Principles
For fiscal year 2024, the City implemented Governmental Accounting Standards Board (GASB) Statement No. 99, Omnibus 2022, GASB Statement No. 100, Accounting Changes and Error Corrections‐an Amendment of GASB Statement No. 62, GASB Statement No. 101, Compensated Absences.
GASB Statement No. 99 sets out to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB Statements and (2) accounting and financial reporting for financial guarantees. The implementation of GASB Statement No. 99 did not have an effect on the financial statements of the City.
GASB Statement No. 100 sets out to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent,