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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 />• Restricted Net Position — Consists of net position restricted when there are limitations imposed <br />on its use through external restrictions imposed by creditors, grantors, or laws or regulations of <br />other governments, or enabling legislation. <br />• Unrestricted Net Position — All other elements of net position that do not meet the definition of <br />"restricted" or "net investment in capital assets." <br />When both restricted and unrestricted resources are available for use, it is the City's policy to use <br />restricted resources first, then unrestricted resources as they are needed. <br />S. Fund Balance Classifications and Flow Assumptions <br />In the fund financial statements, governmental funds report fund balance in classifications that disclose <br />constraints for which amounts in those funds can be spent. These classifications are as follows: <br />• Nonspendable — Consists of amounts that are not in spendable form, such as prepaid items, <br />inventory, and other long-term assets. <br />• Restricted — Consists of amounts where there are limitations imposed on their use through <br />external restrictions imposed by creditors, grantors, laws or regulations of other governments, or <br />enabling legislation. <br />• Committed — Consists of internally imposed constraints that are established by resolution of the <br />City Council. Those committed amounts cannot be used for any other purpose unless the City <br />Council removes or changes the specified use by taking the same type of action it employed to <br />previously commit those amounts. <br />• Assigned — Consists of internally imposed constraints for amounts intended to be used by the <br />City for specific purposes but do not meet the criteria to be classified as restricted or committed. <br />In governmental funds, assigned amounts represent intended uses established by the governing <br />body itself or by an official to which the governing body delegates the authority. Pursuant to City <br />Council resolution, the finance director and/or the city administrator is authorized to establish <br />assignments of fund balance. <br />• Unassigned — The residual classification for the General Fund which also reflects negative <br />residual amounts in other funds. <br />When both restricted and unrestricted resources are available for use, it is the City's policy to first use <br />restricted resources, then use unrestricted resources as they are needed. <br />When committed, assigned, or unassigned resources are available for use, it is the City's policy to use <br />resources in the following order: 1) committed, 2) assigned, and 3) unassigned. <br />T. Use of Estimates <br />The preparation of financial statements, in conformity with accounting principles generally accepted in <br />the United States of America, requires management to make estimates and assumptions that affect the <br />reported amounts and disclosures in the financial statements. Actual results could differ from those <br />estimates. <br />-31- <br />
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