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CITY OF GEM LAKE, MINNESOTA _ <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 3112008 <br />NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING. POLICIES (CONTINUED) <br />B. Basic Financial .Statements (Continued) <br />1. Government -Wide Statements. (Continued) <br />The statement ofactiaiities: demonstrates the degree to which the direct expenses of <br />each function *.of the City's governmental activities and different business -type - <br />activity are offset by program revenues. Direct -expenses are those that are clearly, <br />identifiable with a specific function or activity. Program. revenues include: (1)feee,. <br />fines, and charges paid by the recipients of .ggods, services., or privileges: provided <br />by a given function or :activity; and (2). grants and. contributions that .araxestricted to. <br />meeting the operatio0al or capital requirements of a particular function or activity. <br />Revenues that are not classified as program revenues, including all taxes, are <br />presented as general. revenues. <br />2: Fund Financial. Statements <br />The fund financial statements provide information about the City.'s funds. Separate <br />statements for each fund category, governmental- and.*. proprietary., Are presented. <br />The .emphasis of governmental and proprietary fund financial statements is on major <br />individual governmental and enterprise. funds, with each displayed as separate <br />columns in the fund financial statements -All remaining governmental and enterprise " <br />:furacis..are.aggregated and reported. as nonmajor funds. <br />The City reports the following major governmental funds: <br />General Fund The General Fund is the City's primary operating fund. It <br />accounts for all financial resources,. of the general gov6majent, except those <br />required. to be accounted for in anotherfund. <br />G.O. Improvement Bonds Series 2004A The G.O. Irriprovement Bonds <br />Series 2004A Fund accounts for all debt service activity related to the 2004A <br />bond. <br />0.10. Improvement- Bonds Series 2006A — The Q..Q. Improvement Bonds <br />Series. 2606A. Fund accounts for all debt service activity related* to .the :2006A <br />bond. <br />G.O. Capital Improvement Plan Bonds Series .2007A -- The. 0.10. Capital <br />Improvement Plan Bonds. Series. 2007A Fund .accounts for all debt service <br />activity related to the 2007A bond. <br />City Hall Construction Fund — The. City Hall Construction Fund accounts -for all <br />activity related to the construction of the City's:new city hall. <br />04 <br />0- <br />