2005-06-22 Handouts - Laserfiche WebLink

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Management Discnssion and Analysis - Contioued April 20, 2005 Figure 2 summarizes the major fearures 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 strncrure and contents of each of the statements. Figure 2 Major featnres ofthe Government-wide and Fund Financial Statements Fnnd 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 compouent units fiduciary, such as police, flIe such as the water and sewer and Darks svstem Required financial . Statement of Net Assets . Balance Sheet . Statement of Net Assets statements . Statement of Activities . Statement of Revenues, . Statement of Revenues, Expendirures, and Expenses and Changes in Changes in Fund Fund Net Assets Balances . Statement of Cash Flows Accountiog Basis and Accrual accounting and Modified accrual accounting Accrual accounting and measurement focus economic resources focus and current financial economic resources focus resources focus Type of assetl1iability All assets and liabilities, both Only assets expected to be All assets and liabilities, both information 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 AU revenues and expenses information during year, regardless of received during or soon after during the year, regardless of when cash is received or paid the end of the year; when cash is received or paid expendirures 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 finances, in a manner similar to a private-sector business. The statement of net assets presents information on all of the City's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the City is improving or deterioratiog. The statement of activities presents information showing how the City's net assets changed during the most recent fiscal year. All changes in net assets are 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 furure fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide fmancial statements distioguish 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, culrure and recreation, miscellaneous and interest on long-term debt. The business-type activities of the City include water and sewer. -III-