2009 Annual Audit - Laserfiche WebLink

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Management Discussion and Analysis - Continued May 19, 2010 Figure 2 summarizes the major features of the City’s financial statements, including the portion of the City government they cover and the types of information they contain. The remainder of this overview section of management’s discussion and analysis explains the structure and contents of each of the statements. Figure 2 Major featuresof the Government-wide and Fund Financial Statements Fund Financial Statements Government-wide Governmental FundsProprietaryFunds Statements ScopeEntire City governmentThe activities of theCitythat Activities the City operates (except fiduciary funds)and are not proprietary or similar to private businesses, the City’s component unitsfiduciary, such as police, fire such as the water and sewer and parkssystem Required financial Statement of Net AssetsBalance SheetStatements of Net Assets statements Statement of ActivitiesStatement of Revenues, Statements of Revenues, Expenditures, and Expenses and Changes in Changes in Fund Fund Net Assets Balances Statements of Cash Flows Accounting Basis and Accrual accounting and Modified accrual accounting Accrual accounting and measurement focuseconomic resources focusand current financial economic resources focus resources focus Type of asset/liability All assets and liabilities, both Onlyassets expected to be All assets and liabilities, both informationfinancial and capital, and used up and liabilities that financial and capital, and short-term and long-termcome due during the year or short-term and long-term soon thereafter; no capital assets included Type of in flow/out flow All revenues and expenses Revenues for which cash is All revenues and expenses informationduring year, regardless of received during or soon after during the year, regardless of when cash is received or paidthe end of the year; when cash is received or paid expenditures when goods or services have been received and payment is due during the year or soon thereafter Government-wide Financial Statements government-wide financial statements The are designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector business. statement of net assets The presents information on all of the City’s assets and liabilities, with the difference between the two net assets reported as . Over time, increases or decreases in net assets mayserve as a useful indicator of whether the financial position of the City is improving or deteriorating. statement of activities The presents information showing how the City’s net assets changed during the most recent fiscal year. All regardless of the timing of changes in net assets are reported as soon as the underlying event giving rise to the change occurs, related cash flows . Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and governmental activities intergovernmental revenue ()from other functions that are intended to recover all or a significant portion business-type activities of their costs through user fees and charges (). The governmental activities of the City include general government, public safety, public works, economic development, culture and recreation, miscellaneous and interest on long-term debt. The business-type activities of the City include water, sewer, storm water and recycling. óïëó