Laserfiche WebLink
Figure 2 summarizes the major features of the City’s financial statements, including the portion of the City government they <br />cover and the types of information they contain. The remainder of this overview section of management’s discussion and analysis <br />explains the structure and contents of each of the statements. <br />Figure 2 <br />Major features of the Government-wide and Fund Financial Statements <br />Fund Financial Statements <br />Government-wide Governmental FundsProprietaryFunds <br />Statements <br />ScopeEntire City governmentThe activities of the Citythat Activities the City operates <br />(except fiduciary funds)and are not proprietary or similar to private businesses, <br />the City’s component unitsfiduciary, such as police, fire such asthe water and sewer <br />and parkssystem <br />Required financial <br />Statement of Net AssetsBalance Sheet <br />Statements of Net Assets <br />statements <br />Statement of ActivitiesStatement of Revenues, Statements of Revenues, <br />Expenditures, and Expenses and Changesin <br />Changes in Fund Fund Net Assets <br />Balances <br />Statements of Cash <br />Flows <br />Accounting Basis and Accrual accounting and Modified accrual accounting Accrual accounting and <br />measurement focuseconomic resources focusand current financial economic resources focus <br />resources focus <br />Type of asset/liability All assets and liabilities, both Onlyassets expected to be All assets and liabilities, both <br />informationfinancial and capital, and used up and liabilities that financial and capital, and <br />short-term and long-termcome due during the year or short-term and long-term <br />soon thereafter; no capital <br />assets included <br />Type of in flow/out flow All revenues and expenses Revenues for which cash is All revenues and expenses <br />informationduring year, regardless of received during or soon after during the year, regardless of <br />when cash is received or paidthe end of the year; when cash is received or paid <br />expenditures when goods or <br />services have been received <br />and payment is due during <br />the year or soon thereafter <br />Government-wide Financial Statements <br />government-wide financial statements <br />The are designed to provide readers with a broad overview of the City’s finances, in a <br />manner similar to a private-sector business. <br />statement of net assets <br />The presents information on all of the City’s assets and liabilities,with the difference between the two <br />net assets <br />reported as . Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial <br />position of the City is improving or deteriorating. <br />statement of activities <br />The presentsinformation showing how the City’s net assets changed during the most recent fiscal year. All <br />regardless of the timing of <br />changes in net assets are reported as soon as the underlying event giving rise to the change occurs, <br />related cash flows <br />. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows <br />in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). <br />Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and <br />governmental activities <br />intergovernmental revenue () from other functions that are intended to recover all or a significant portion <br />business-type activities <br />of their costs through user fees and charges (). The governmental activities of the City include general <br />government, public safety, public works, economic development, culture and recreation, miscellaneous and interest on long-term <br />debt. The business-type activities of the City include water, sewer, storm water and recycling. <br />The government-wide financial statements start on page 27 of this report. <br />-15- <br /> <br />