Centerville 2010 Financial Report

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Fund Financial Statements fund Ais a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other State and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into two categories: governmental funds and proprietary funds. Governmental fundsGovernmental fundsgovernmental .are used to account for essentially the same functions reported as activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental near-term inflows and outflows of spendable resourcesbalances of spendable fund financial statements focus on , as well as on 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 governmental fundsgovernmental activities compare the information presented for with similar information presented for in the government-wide financial statements. By doing so, readers may better understand the long-term impact by the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, governmental funds expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between and governmental activities . The City maintains 17individual governmental funds, 6of which are Debt Service 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, Debt Service, Park and 2009 Street & Utility Improvementsfunds. Data from the other 8 governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds combining statements or schedules is provided in the form of elsewhere in this report. The City adopts an annual appropriated budget for its General fund. A budgetary comparison statement has been provided for the General fund to demonstrate compliance with this budget. The basic governmental fund financial statements start on page 32 of this report. Proprietary fund. Enterprise funds . The City maintains one type of proprietary fundare used to report the same functions business-type activities presented as in the government-wide financial statements. The City uses enterprisefunds to account for its water, sewer, storm water and recycling. The proprietary fund provides the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for each of the enterprise funds. The basic proprietary fund financial statements start on page 40 of this report. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements start on page 49 of this report. Other Information The combining statements referred to earlier in connection with non-major governmental funds are presented following the notes to financial statements. Combining and individual fund statements and schedules start on page 70of this report. -16-