2004 Audit - Laserfiche WebLink

Home Browse Search

Management Discussion and Analysis - Continued April 20, 2005 Figure 2 summarizes the major features of the City's financial statements, iocluding the portion of the City government they cover and the types ofioformation they contaio. The remaioder of this overview section of management's discussion and analysis explaios 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 Governmental Funds Proprietary Funds Statements Scope Entire City government The activities of the City that Activities the City operates (except fiduciary funds) and are not proprietary or similar to private businesses, the City's component units fiduciary, such as police, fire such as the water and sewer and narks svstem Required financial . Statement of Net Assets . Balance Sheet . Statement of Net Assets statements . Statement of Activities . Statement of Revenues, . Statement of Revenues, Expenditures, and Expenses and Changes io Changes io Fund Fund Net Assets Balances . Statement of Cash Flows Accounting Basis and Accrual accounting and Modified accrual accountiog Accrual accounting and measurement focus economic resources focus and current financial economic resources focus resources focus Type of asset/liability All assets and liabilities, both Only assets expected to be All assets and liabilities, both ioformation financial and capital, and used up and liabilities that financial and capital, and short-term and long-term come due during the year or short-term and long-term soon thereafter; no capital assets included Type of in flow/out flow All revenues and expenses Revenues for which cash is All revenues and expenses ioformation duriog year, regardless of received during or soon after duriog the year, regardless of when cash is received or paid the end of the year; when cash is received or paid expenditures when goods or services have been received and payment is due during the vear or soon thereafter Government-wide Financial Statements The government-wide financial statements are designed to provide readers with a broad overview of the City's fmances, io a manner similar to a private-sector business. The statement of net assets presents ioformation on all of the City's assets and liabilities, with the difference between the two reported as net assets. Over time, iocreases or decreases io net assets may serve as a useful iodicator of whether the financial position of the City is improviog or deteriorating. The statement of activities presents ioformation showiog how the City's net assets changed duriog the most recent fiscal year. All changes io net assets are reported as soon as the underlyiog event giviog rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported io this statement for some items that will only result io cash flows io future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). 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 iotended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City ioc1ude general government, public safety, public works, economic development, culture and recreation, miscellaneous and ioterest on long-term debt The busioess-type activities of the City include water and sewer. -III-