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CITY OF GEM LAKE, MINNESOTA NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2011 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) B. Basic Financial Statements (Continued) 1. Government Wide Statements (Continued) The statement of activities demonstrates the degree to which the direct expenses of each function of the. City's governmental activities and different business -type: activity are offset by program revenues. Direct. expenses are those that are clearly identifiable With a specific function or activity. Program revenues include: (1) fees, fines, and charges paid :by the recipients of goods, services, or privileges provided by a given function or activity; and (2): grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or activity.. Revenues that are not classified as program revenues, including all. taxes, are. presented as general revenues. 2. Fund Financial Statements The fund financial statements provider information about the City's funds. Separate. statements for each fund category, governmental and proprietary, are presented.. The emphasis of governmental and proprietary fund financial statements is on major individual governmental and enterprise funds, with each displayed as separate columns .in the. fund financial statements. All remaining governmental and enterprise funds are aggregated and reported as nonmajor funds. The City reports the following major governmental funds: General Fund — The General Fund is the City's. primary operating fund. - It accounts for all financial resources of the general government, except those required to be accounted for in another fund.. G:O. Improvement Bonds .Series 2004A -- The G.O. improvement Bonds -Series 2004A Fund accounts for all debt service activity related to the 2004A bond. G.G. Improvement Bonds Series 2006A - The G.O. Improvement Bonds Series 2006A Fund accounts for all debt service activity related to the 2006A bond. G.O. Capital Improvements Plan Bonds Series 2007A -- The G.O.. Capital Improvement: Plan Bonds Series 2007A Fund accounts for all debt. service activity related to the 2Q07A bond. Scheuneman Road Fund — The Scheuneman Road Construction Fund. accounts for all activity related to the reconstruction. of the Southern portion of Scheunernan. Road which was turned back to the City from Ramsey County in 2006.