2013-12-31 Annual Financial Report

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Fund financial statements. Afundis 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 compliancewith finance-related legal requirements. All of the funds of the City can be divided into two categories: governmental funds and proprietary funds. . Governmental fundsGovernmental fundsare used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial 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 information presented for governmental fundswith similar information presented for governmental activitiesin 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, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental fundsand governmental activities. The City maintains 12 individual governmental funds, fiveof which are Debt Service funds. Information is presented separately in the governmentalfund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General, Debt Service, Park funds, and 2013 Street Project. Data from the other fournon-majorgovernmental funds are combined into asingle, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements or scheduleselsewhere 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. The City maintains one type of proprietary fund. Enterprise fundsare used to report the same functions presented as business-type activitiesin the government-wide financial statements. The City uses enterprise funds to account for its water, sewer and storm water. 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 51of this report. Other information. The combining statements referred to earlier in connection with non-major governmental funds are presented following the notes to the financial statements. Combining and individual fundstatements and schedules start on page 72of this report.