Regular Fire Board Meeting - June 24, 2020

NOTE 8 - CAPITAL ASSETS

Capital asset activity for the year ended.

BALANCE 06/30/20 18

BALANCE

ADDITIONS DELETIONS 06/30/20 19

Depreciable Assets

Vehicles Buildings

$1,148,297 $ 0 $ 0 $ 1,148,297

1,410,466

0 0

0 0

1,410,466

Equipment, Admin Equipment, Fire

166,179

166,179

691,834 0 0 691,834

Total Historical Costs

3,416,776 0 0 3,416,776

Less Accumulated Depreciation

Vehicles

1,148,297

0

0 0 0

1,148,297

Buildings

788,276 155,190

38,862

827,138 156,014

Equipment, Admin Equipment, Fire

824

654,487 11,318 0 665,805

Less: Total Accumulated Depreciation

2,746,250 51,004 0 2,797,254

Depreciable

Capital Assets, Net

670,526

(51,004)

0

619,522

Non-Depreciable Assets

Land

0

0 0 0

Capital Assets, Net

$ 670,526 $ (51,004) $ 0 $ 619,522

NOTE 9 - DEFERRED OUTLOWS AND INFLOWS OF RESOURCES

Pursuant to GASB Statement No. 63, “ Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position ,” and GASB Statement No. 65, “ Items Previously Reported as Assets and Liabilities ,” the District recognized deferred outflows of resources in the governmentwide statements. These items are a consumption of net position by the District that is applicable to a future reporting period. Previous financial reporting standards do not include guidance for reporting those financial statement elements, which are distinct from assets and liabilities. The District reports the deferred inflows and outflows as follows:

27