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NOTE 1 CITY OF GEM LAKE, MINNESOTA NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2015 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 iridude: (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 provide 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 a re. agg reg ated and reported as non major 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.. 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 2007A bond. G.O: Capital. Improvements Plan Bonds Series 2018A. _ The G.O. Capital Improvement Plan Bonds Series 2018A Fund accounts: for all debt service activity related to the 2018A bond, Hoffman Road Fund -- The Hoffman Road. Construction Fund accounts for all activity related to the reconstruction activities of Hoffman Road. Schueneman Road Fund - The Schueneman Road Construction Fund accounts for activity related to the reconstruction activities of Schueneman Road. Street tmprovements.Fund — The Street Improvements Fund is used. to account for the accumulation of resources that are restricted, committed, or assigned to expenditures for capital outlays, including the acquisition or construction of capital facilities. t1.4)