2013-12-31 Annual Financial Report

Home Browse Search

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 features of the Government-wide and Fund Financial Statements Fund Financial Statements Government-wide StatementsGovernmental FundsProprietaryFunds ScopeEntire City government(except The activities of the Citythat are Activities the City operates fiduciary funds)and the City’s not proprietary or fiduciary, such similar to private businesses, component unitsas police, fire and parkssuch as the water and sewer system Required financial Statement of Net PositionBalance SheetStatementsof Net statements Position Statement of ActivitiesStatement of Revenues, Statements of Revenues, Expenditures, and Changes in Fund Balances Expenses and Changes in Net Position Statementsof Cash Flows Accounting Basis and Accrual accounting and Modified accrual accounting and Accrual accounting and measurement focuseconomic resources focuscurrent financial resources focuseconomic resources focus Type of asset/liability All assets and liabilities, both Onlyassets expected to be used All assets and liabilities, both informationfinancial and capital, and short-up and liabilities that come due financial and capital, and term and long-termduring the year or soon thereafter; short-term and long-term no capital assets included Type of deferred All deferred inflows of Only deferred inflows of All deferred inflows of Inflows of resources resources, regardless of when resources that come due during resources, regardless of when Informationcash is received or paidthe year or soon thereafter; no cash is received or paid capital assets included Type of inflow/out All revenues and expenses Revenues for which cash is All revenues and expenses flow informationduring year, regardless of when received during or soon after the during the year, regardless of cash is received or paidend of the year; expenditures when cash isreceived or paid when goods or services have been received and payment is due during the year or soon thereafter Government-wide financial statements. The government-wide financial statementsare designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector business. The statement of net positionpresents information on all of the City’s assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net positionmay serve as a useful indicator of whether the financial position of the City is improving or deteriorating. The statement of activitiespresents information showing how the City’s net positionchanged during the most recent fiscal year. All changes in net positionare reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of 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 vacationleave). Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenue (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include general government, public safety, public works, economic development, culture and recreation, and interest on long-term debt. The business- type activities of the City include water, sewer, and storm water. The government-wide financial statements start on page 27of this report.