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05-28-24-R
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05-28-24-R
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NOTE 1— SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />2. Recording of Expenditures — Expenditures are generally recorded when a liability is incurred, <br />except for principal and interest on long-term debt and other long-term obligations, which are <br />recognized as expenditures to the extent they have matured. Capital asset acquisitions are <br />reported as capital outlay expenditures in the governmental funds. <br />Proprietary fund financial statements are reported using the economic resources measurement focus and <br />accrual basis of accounting, similar to the government -wide financial statements. Proprietary funds <br />distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses <br />generally result from providing services and producing and delivering goods in connection with a <br />proprietary fund's principal ongoing operations. The principal operating revenues of the City's enterprise <br />funds and internal service funds are charges to customers for sales and services. The operating expenses <br />for the enterprise funds and internal service funds include the cost of sales and services, administrative <br />expenses, and depreciation on capital assets. All revenues and expenses that do not meet this definition <br />are reported as nonoperating revenues and expenses. <br />Aggregated information for the internal service funds is reported in a single column in the proprietary <br />fund financial statements. Because the principal user of the internal services is the City's governmental <br />activities, the financial statements of the internal service funds are consolidated into the governmental <br />column when presented in the government -wide financial statements. The cost of these services is <br />reported in the appropriate functional activity. <br />Description of Funds <br />The City reports the following major governmental funds: <br />General Fund — The General Fund is the City's primary operating fund. It accounts for all financial <br />resources of the general government, except those required to be accounted for in another fund. <br />Permanent Improvement Revolving Fund — The Permanent Improvement Revolving Fund (capital <br />project fund) accounts for the acquisition of capital assets or construction for major capital projects <br />not being financed by proprietary funds. <br />The City reports the following major enterprise funds: <br />Water Fund — The Water Fund accounts for the water service charges, which are used to finance the <br />water system operations. <br />Sewer Fund — The Sewer Fund accounts for the sewer service charges, which are used to finance the <br />sanitary sewer system operations. <br />Surface Water Management Fund — The Surface Water Management Fund accounts for the surface <br />water charges, which are used to finance the surface water system operations. <br />The City reports the following nonmajor enterprise fund: <br />Recycling Fund — The Recycling Fund accounts for the recycling service charges, which are used to <br />finance the City's recycling operations. <br />-25- <br />
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