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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER.31, 2007 <br />NOTE i SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />B. Basic Financial Statements .(Continued) <br />1. Government -Wide Statements (Continued) <br />The statement of activities 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) fees, <br />fines, and charges: paid by the. recipients of goods, services, or privileges provided <br />by a given function or activity; and (2) grants and contributions that are restricted to <br />meeting the operational 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 finaricial 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 />funds are aggregated and reported as nonmajor funds. <br />(15) <br />