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Responsibility for both the accuracy of the presented data and the completeness ;' <br />and fairness of the presentation, including all disclosures, rests with the <br />City. iVe believe the data as presented is accurate in all material aspects, ' <br />that it is presented in a manner designed to fairly set forth the financial ' <br />position and results of operations of the City as measured by the financial '', <br />activity of its various funds, and that all disclosures necessary to enable ' <br />the reader to gain the maximun understanding of the City's financial activity ' <br />have been included. ' <br />Accounting System and Bud�etarv Control <br />The accounting system provides for a complete, self-balancing account group <br />£or each fund of the City. Accounting records are maintained on the modified <br />accrual basis for the governmental type funds and the trust and agency fund, <br />and the accrual basis of accounting is utilized for the proprietary type funds, <br />as defined in the notes to the financial statements. <br />In developing and altering the City's accounting system, consideration is <br />given to the adequacy of internal accounting controls. Internal accounting i <br />controls are designed to provide reasonable, but not absolute, assurance <br />regarding the safeguarding of assets against loss from unauthorized use or <br />disposition and the reliability of £inancial records £or preParing financial <br />statements and maintaining accountability for assets. The concept o£ reasonable <br />assurance recognizes the cost of a control should not exceed tl�e benefits likely <br />to be derived, and the evaluation of costs and benefits requires estimates and <br />judgments by management. <br />All internal control evaluations occur within the above framework. We believe <br />that the City's internal accounting controls adequately safeguard assets and ' <br />provide reasonable assurance of proper recording of financial transactions, <br />A budgetary system of accounts is maintained for the general and special <br />revenue funds. Control is maintained by the use of a purchase order system <br />and the continuing review of actual expenditures compared to budgeted amounts. <br />Budget revisions are done upon approval of a resolution by the City Cowicil. ; <br />The financial statements of revenue and expenditures compared with the budget <br />in this report would reflect these revisions. Reserve for encumbrances is <br />reported as part of the fwid balance at the end of the fiscal year. <br />The City and Its Sarvices <br />The funds and entities included in this comprehensive annual £inancial report <br />are controlled by or dependent on the City of aoseville. Determination of ' <br />"controlled by or dependent on" is based on criteria developed Uy the Pederal <br />Bureau of the Census. The criteria deal with existence as an organized entity, ' <br />governmental character, and substantiai autonomy. Based on these criteria, <br />the various funds and account groups, which are all the fund and account <br />groups of the City shown in the table of contents, are included in this report. <br />� <br />-G- <br />