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05-28-24-R
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05-28-24-R
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7/9/2024 10:02:52 AM
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Both of the government -wide financial statements distinguish functions of the City that are principally <br />supported by taxes and intergovernmental revenues (governmental activities) from other functions that are <br />intended to recover all or a significant portion of their costs through user fees and charges (business -type <br />activities). The governmental activities of the City include general government, public safety, public <br />works, parks and recreation, and economic development. The business -type activities of the City include <br />water, sewer, surface water management, and recycling. <br />The government -wide financial statements can be found in the financial section following this report. <br />Fund Financial Statements — A fund is a grouping of related accounts that is used to maintain control <br />over resources that have been segregated for specific activities or objectives. The City, like other state and <br />local governments, uses fund accounting to ensure and demonstrate compliance with finance -related legal <br />requirements. All of the funds of the City can be divided into two categories: governmental funds and <br />proprietary funds. <br />Governmental Funds — Governmental funds are used to account for essentially the same functions <br />reported as governmental activities in the government -wide financial statements. However, unlike the <br />government -wide financial statements, governmental funds financial statements focus on near -term <br />inflows and outflows of spendable resources, as well as on balances of spendable resources available at <br />the end of the fiscal year. Such information may be useful in evaluating a city's near -term financing <br />requirements. <br />Because the focus of governmental funds is narrower than that of the government -wide financial <br />statements, it is useful to compare the information presented for governmental funds with similar <br />information presented for governmental activities in the government -wide financial statements. By doing <br />so, readers may better understand the long-term impact of the government's near -term financing <br />decisions. Both the governmental funds Balance Sheet and Statement of Revenues, Expenditures, and <br />Changes in Fund Balances provide a reconciliation to facilitate this comparison between governmental <br />funds and governmental activities. <br />The City reports two individual major governmental funds. Information is presented separately in the <br />governmental funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund <br />Balances for the General Fund and Permanent Improvement Revolving Fund, which are considered to be <br />major funds. <br />Data from all other governmental funds are combined into a single, aggregated presentation. Individual <br />fund data for each of these nonmajor governmental funds is provided in the form of combining statements <br />elsewhere in this report. <br />The City adopts an annual appropriated budget for its General Fund and most special revenue funds. A <br />budget was not legally adopted for the two special revenue funds established for specific short-term <br />projects: Karth Lake Improvement District and American Rescue Plan Act Funds. A budgetary <br />comparison schedule has been provided for these remaining special revenue funds to demonstrate <br />compliance with the budget. <br />The basic governmental funds financial statements can be found in the financial section of this report <br />immediately following the government -wide financial statements. <br />INS <br />
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