2004 CAFR - Laserfiche WebLink

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Because the focus of Governmental Funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for Governmental Funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the Governmental Funds balance sheet and the statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate the comparison between Governmental Funds and governmental activities. The fund financial statements present information for each Major Governmental Fund in separate columns. Data from the Nonmajor Governmental Funds are combined into a single, aggregated presentation. Individual Fund data for each of these Nonmajor Governmental Funds is provided in the form of combining statements elsewhere in this report. The City adopts an annual appropriated budget for the General Fund and the Economic Development Authority Special Revenue Fund. Budget-to-actual comparisons are provided in this financial report for these funds. Proprietary Funds - The City maintains two different types of Proprietary Funds. Enterprise Funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses one Internal Service Fund to accumulate and allocate costs internally among the various city functions. Because the Internal Service Fund is predominantly used by governmental functions, it is included within governmental activities in the city-wide financial statements. Fiduciary Funds - Fiduciary Funds are used to account for resources held for the benefit of parties outside of the government. Fiduciary Funds are not reflected in the government-wide financial statements because the resources for those funds are not available to support the City's own programs. The accounting used for Fiduciary Funds is much like that used for Proprietary Funds. Notes to Basic Financial Statements - The notes to basic financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. Other Information - Combining and individual fund statements and schedules for Nonmajor Funds are presented immediately following the notes to basic financial statements. Statistical tables are presented following these statements and schedules. GOVERNMENT-WIDE FINANCIAL ANALYSIS The City's financial statements for the year ended December 31, 2004 are being presented for the first time in accordance with the requirements of Governmental Accounting Standards Board (GASB) Statement No. 34, Basic Financial Statements--and Management's Discussion and Analysis--for State and Local Governments'. Due to the change in reporting formats, the following tables of net assets and changes in net assets do not include comparative data for the prior year. Comparative information will be included in these tables in future years' financial statements. -4-