2008 Annual Financial Report - Laserfiche WebLink

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Management Discussion and Analysis -Continued June 3, 2009 The goverrunent-wide fmancial statements can be found on pages 4 - 6 of this report. Fund Financial Statements A fund is 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 goverrunents, 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: goverrunental funds and proprietary funds. Governmental funds. Governmental funds are 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 ou bows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information maybe useful in evaluating a government's near-term financing requirements. Because the focus of goverrunental funds is narrower than that of the goverrunent-wide fmancial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the goverrunent-wide financial statements. By doing so, readers may better understand the long-teen impact by the goverrunent's near-teen financing decisions. Both the goverrunental fund balance sheet and the goverrunental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City maintains 22 individual governmental funds, t t of which are Debt Service funds. Information is presented separately in the goverrunental fund balance sheet and in the goverrunental fund statement of revenues, expenditures and changes in fund balances for the General, Debt Service, Park and 2007 CSAH t4 Improvements funds. Data from the other 8 goverrunental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements or schedules 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 can be found on pages 7 - t3 of this report. proprietary fund. The City maintains one type of proprietary fund. Enterprise funds are used to report the same functions presented as business-type activities in the government wide financial statements. The City uses enterprise funds 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 fmancial statements provide separate information for each of the enterprise funds. The basic proprietary fund fmancial statements can be found on pages t4 - 2 t 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 fmancial statements. The notes to the financial statements can be found on pages 22 - 40 of this report. Other Information The combining statements referred to earlier in connection with non-major goverrunental funds are presented following the notes to financial statements. Combining and individual fund statements and schedules can be found on pages 41 - 60 of this report. -IV-