Debt Service Fund expenditures reported on the Statement of Revenues, Expenditures, and Changes in Fund Balance commonly exclude

Question

Quizplus · Accepted Answer

Gains and losses on early retirement of debt are reported as revenue or expenditure in the Debt Service Fund, depending on whether there was a gain or loss. Therefore, they should not be excluded from the Statement of Revenues, Expenditures, and Changes in Fund Balance. Fiscal agent fees, interest expenditures, and principal retirement expenditures are typically included in the statement.

Debt Service Fund Expenditures Reported on the Statement of Revenues