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CITY OF MYRTLE BEACH, SOUTH CAROLINA NOTES TO FINANCIAL STATEMENTS June 30, 2010

In accordance with GASB Statement No. 33, the City recognizes grant revenues and receivables when the applicable eligibility requirements, including time requirements, are met. Resources received before the eligibility requirements are met are reported as deferred revenue.

In proprietary fund financial statements, capital contributions, which consist of contributed capital assets and grant revenues restricted to capital purposes, are reported as nonoperating revenues based on GASB Statement No. 33.

Note 2 - RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS

The governmental funds balance sheet is followed by a reconciliation between total fund balances - total governmental funds and net assets of governmental activities as reported in the government-wide statement of net assets. The details of the element in the reconciliation that relates to long-term liabilities, $175,551,620, follows:

Bonds Payable (Net) Note Payable Capital Lease Obligations Compensated Absences Accrued Interest Payable Deferred Bond Issuance Costs (Net)

$

$

170,041,190 1,947,500 914,632 3,352,585 3,238,355 (3,942,642) 175,551,620

The governmental funds statement of revenues, expenditures and changes in fund balances is followed by a reconciliation between net change in fund balances - total governmental funds and change in net assets of governmental activities as reported in the government-wide statement of activities. The element of the reconciliation that relates to long-term debt and related items, $7,424,469, is comprised of the following:

Capital Lease Obligation Storm Water Revenue Bonds Issued Tax Increment Revenue Bonds Issued Discount on Tax Increment Revenue Bonds Refunding Certificates of Participation Issued Premium on Refunding Certificates of Participation Principal Repayments Bond Issuance Costs Payment to Escrow Agent

$

$

685,000 2,762,239 10,849,985 (63,190) 9,820,000 217,469 (5,242,898) (416,512) (11,187,624) 7,424,469

The details of another element in the reconciliation that relates to expenses, $1,066,194, follows:

Compensated Absences Accrued Interest Amortization of Bond Issuance Costs Amortization of Bond Discounts and Premiums Amortization of Loss on Advance Refunding

$

$

89,381 731,482 201,193 15,593 28,545 1,066,194

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