CCP 05-15-2006 - Laserfiche WebLink

Home Browse Search

Management Discussion and Analysis - Continued April 14, 2006 . The government-wide financial statements include not only tbe City itself (known as tbe primary government), but also a legally separate Econonric Development Authority (EDA) for whicb the City is fiuancially accountable, The EDA, althougb legally separate, functions for all practical purposes as a department of tbe City, and therefore bas been included as an integral part of the primary government. The government-wide financial statements can be found on pages 4 - 6 of this report, Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources tbat have been segregated for specific activities or objectives. The City) like other State and local governments, uses fund accOlUltmg to ensure and demonstrate compliance witb [mance-related legal requirements, All of the funds of the City can be divided into two categories: governmental funds and proprietary funds, Governmental funds. Governmental fimds are used to account for essentially the same functions reported as governmental activities in the government-wide fmancial statements. However, unlike the government-wide fmancial statements, governmental fund [mandaI statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the infonnation presented for governmental funds with similar information presented for governmental activities in the government-wide fmancial statements. By doing so, readers may better understand the long-term impact by the government's near-term fmancing decisions. Both the govenunental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental fUnds and governmental activities. . The City maintains 13 individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General fund, Tax Increment Bonds of 1998A, Economic Development Authority and the Permanent Improvement Revolving fund, all of whicb are considered to be major funds. Data from the other 9 governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements or schedules elsewbere in this report TIle City adopts an ammal appropriated budget for all funds, A budgetary comparison statement has been provided for the General fund to demonstrate compliance with this budget The basic governmental fund fmancial statements can be found on pages 7 - 14 of this report. Proprietary funds, Tbe City maintains one type of proprietary fund Enterprise funds are used to report tbe same functions presented as business-type activities in the government-wide fmancial statements. The City uses enterprise funds to account for water, sewer, recycling and surface water management activities. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. Tbe proprietary fund [mandaI statements provide separate information for the water, sewer, recycling and surface water management funds, all of which are considered to be major funds of the City, The basic proprietary fund financial statements can be found on pages 15 - 38 of this report. . -IV-