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CITY OF GEM LAKE, M€NNESOTA. NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2010 NOTE 1 SUMMARY OF SIGNIFICANT -ACC OUNTING.POLIC€ES (CONTINUED) B. Basic Financial Statements (Continued) 1.. Government -Wide Statements (Continued) The statementof 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 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 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 genera[ 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 Bonds Series 2006A — The G.O. Improvement Bonds Series 2006A Fund accounts for all debt service activity related to the 20.06A 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 2007A bond. Scheuneman Road Fund — The Scheuneman Road Construction Fund accounts for all activity related to the reconstruction. of the Southern portion of Scheuneman Road which was turned .ba'ck to the City from Ramsey County .in- 20o6. (15.)