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CITY OF GEM LAKE, MINNESOTA NOTES TO BASIC FINANCIAL. STATEMENTS DECEMBER 31, 201.2 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES .(CONTINUED) B. Basic Financial Statements (Continued) 2. Fund Financial Statements (Continued) The City reports th'e following major 9avernmentaI 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.O. Improvement Sands Series 2006A — The G.O. Improvement Bonds Series 2006A Fund accounts for all debt service activity related to .the 2006A bond. G.Q. 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 200.7A bond. 5cheuneman Road Fund The Scheuneman Road Construction Fund accounts for all activity related:`.t the.reconstruction of the Southern portion of ScheunemanRoad which was turned hack to the City from Ramsey County in .2006, Street Improvements Fund.— The Street Improvements Fund is used to account.. for the aceumulation of resources- that are restricted, committed, or assigned to .expenditures. for capital outlays, including the acquisition or construction of capital facilities. The City reportsthe. following major proprietary fund: . Sewer F u no.7. The.sewer fund accounts for:customer sewer service. charges that are used to 1inance sewer operating expenses. C. Measurement Focus and Basis of Accounting The government -wide and proprietary fund financial statements are reported using the economic resources .measurement focus and the accrual basis of accounting_ Revenues area recorded when. earned, and expenses are: recorded when :a liability is incurred, regardless of the timing of related cash flows. Property taxes are. recognized. as revenues in the year for which they are levied: Grants and similar items are recognized -� as revenue as soon as all eligibility requirements imposed by the provider .have been met. (17)