FY2016 CCDOA Financial Report as of 6302016.pdf - page 32

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Other deferred costs, which consist of unamortized losses on refunded debt and deferred losses on imputed debt,
are being amortized over their remaining terms. The balance of these other deferred outflows decreased from
$43.6 million at June 30, 2015, to $42.7 million at June 30, 2016. The change between these two years was the
unamortized loss on the refunding of the 2007 Series A-2 PFC Bond of $5.5 million, offset by scheduled amortization.
Current and Non-current Liabilities
At June 30, 2016, current liabilities payable from unrestricted assets increased $15.3 million from FY 2015. This
increase resulted from increases in both unrestricted accounts payable of $13.2 million due to construction
payables and rents received in advance of $2.4 million, offset by a decline in other accrued expenses of $0.3
million. Current liabilities payable from restricted assets increased by $34.7 million from FY 2015 to FY 2016. This
increase was due to an increase in the current portion of long-term debt of $42.2 million, driven mainly by the
increase in current scheduled maturities of long-term debt and the call for full redemption of the Series 2006A
Bonds. These increases were offset by decreases in restricted accounts payable and other current liabilities of $6.4
million and in accrued interest of $1.1 million related to a reduction in outstanding principal.
Non-current liabilities for FY 2016 decreased by $54.2 million over FY 2015. Long-term debt decreased by $122.7
million from the end of FY 2015 to FY 2016. This decline related to two factors. In addition to paying down scheduled
debt principal of $96.7 million, the Department called for full redemption the Series 2006A Bonds with long-term
outstanding principal of $29.2 million.
Liability for other postemployment benefits increased by $9.0 million, from $50.2 million in FY 2015 to $59.2 million in
FY 2016. The Department made no contributions to the OPEB Trust for FY 2016. Net pension liability increased by
$12.5 million, from $130.3 million in FY 2015 to $142.8 million in FY 2016. Refer to Note 5, "Retirement Plans," for more
detail related to pension and other postemployment benefit costs.
Under GASB 72, the Department is now required to record its interest rate swaps at fair value. As of June 30, 2016,
the interest rate swaps have a fair value of $143.3 million. The information needed to restate the interest rate swaps
at fair value as of June 30, 2015, as required under GASB 72, was not available; therefore, the interest rate swaps for
FY 2015 are presented at their mark-to-market value, $96.6 million, based on the provisions of GASB 53.
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