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CITY OF GEM LAKE, MINNESOTA NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) B. Basic Financial. Statements (Continued). 2. Fund Financial statements (Continued) 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. Improvement Bonds Series 2004A. — The G.Q. Improvement. Bonds Series 2004A Fund accounts for all debt service activity related to the 2004A bond. G:O. Improvement Bonds Series 200.6A — The G.Q. Improvement Bands Series 2006A Fund accourits.for all debt. service activity related to the 2006A 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, Hoffman Road Fund — The Hoffman Road Construction Fund accounts for all activity related to the reconstruction activities of Hoffman Road. Street Improvements 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. The City reports the following major proprietary fund: Sewer Fund — The sewer fund accounts for customer sewer service charges that are used to finance 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 are 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.