Annual_Report_1998_001 - Laserfiche WebLink

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. :. � • I � • 1� : � : :'' : �. p�YK �:�:u: �._'__ .uu:• . ar t.�_: . � ' '. - . .r --_ FIDUCIARY rUNDS � T�ust ancl Agency Funls - Trust ancl Agency fiuKls are usecl to account for the acsets held by the City in e trustee capacity or es en agent for inclivicluals, pmate orgsnize[ions, other govemmen[s, and/or o[her funcls. ACCOUNT GROUPS General Fixecl Assets Account Group - usecl to account for fixecl assets not accountecl for in proprietary or [rust fiitKls. General Long-Tertn Debt Account Group - usecl [o account for general long-tertn debt azuI ceRain other liabilitie.s that are not specific liabilities of proprietary or trust funcls. C. Measurement Focus The accounting ecd reporting treatment appliecl to the fixecl assets nc�cl bng-terrn linbilities associeted with e fu� are detennined by its ' measurement focus. Goverumental fuculs are accomted for on a spencling or "finsncial flow" meexurement focus. This means tha[ only . curtent esseta encl current liabilities are generally includacl on their balance sheets. Their reportecl fiuKl bala�e is consiJerecl a measure �� of available spenclnble resources. Govemmental funcl operating statements presen[ increases (revenues encl other finencing sources) and � decreeses (ezpencli[ures enJ o[her financing uses) in net wrtent assets. Accordingly, they are saict to present e sitma�ary of sources encl � uses of evailable spendable resources during a perial. � Fixecl assets usecl in govemmental funci type operations (general fixecl essets) are accountacl for in the ge�ral finacl essets eccount group I rether than in govern[nental funds. Pubic Jomain genera] fixecl assGs consisting of certa� 'vnprovements o[her [k�ar� building�, incl�•sling . roazis, bridges, curbs end gutters, streets ancl sidewalks, and lighting systems, are capitalizecl along with other general fixecl essets. No : deprecia[ion has been providecl on genernl fized assets. � Lo��term lixbilities expeciacl to be financect from govervnental t"uncts are accountecl for in the geneeal long-iarm debt accomt group not �. in tk�e ga�emn�yel fiuds_ '['he accaud gioups differ from "funcls" in thxt they are not involved with measurement of operetions. They are �� concemecl oniy with the met�surement of finenciel positioa �I Dloncurrec�t portions of long�erm receivables due to govenunentul funcls are repoctecl on their balence sheets in spite of t6e'v measurement ', focus. However, speeiel repoding treatmen[s are used in govemmen[al funcls to inclicate tk�et they shouW not be considera[1 "evailable �� spendable resources" since they do noe represen[ net cuttent nssets. Recognition of revenues in these funcls representecl by noncursent �I receivebles is defetted until they become curcent receivables. � Beceuse of theer speixling measureme�t focus, expenciiture recognition for govemmeutal funcl types exclude umounts representacl by �..I noncurteat liabilities. Since they do not affecf net curzent assefs such bng-term nmounts are mt recoe i�ecl es govemmental funcl ry, pe expencliNres or fiind liabilities. They are insteacl reportecl as liabilities i� the general long-term debt aceount group. pmprietazy fimcls are aecouuteel for on the fiow oF ecouomic resouroes measurement focua ancl use the acetusl bssis of accoun[ing. Uncter '� I ��e�e�a�es are recorclecj w]ien eecnecl, az�cl e�epenses are recordecl at the time liabilities ere incurred. The City applies ody those appticeble piwaucremeats of the Fu�azxiat Accauding Ste�clanis Bosnl issuecl on or before November 30, 1989 in acco�nting arsl repoRing '��.. for its proprietery operations. Proprietary fu�cls include the enterprise ancl intemal serviee faucls. ��.. Ageucy fu�ls are custalial in na[ure (essets equal liabilities) ancl do not imolve measuremeut of results of operations. . I Invest[neN ttust fi�nls are eccaurtect for in essentially Ihe same menner us proprie[ary funcls, using the satne measurement focus sncl busis ��: of accounting. � I 30