1982 CAFR - Laserfiche WebLink

Home

FIDUCIARY FUNDS Trust Funds - Trust Funds are used to account for assets held by the City in a trustee capacity for individuals, private organizations, other governments, and /or other funds. The City's Trust Funds are classified as Expendable Trust Funds and are accounted for in essentially the same manner as governmental funds. B. Measurement Focus The accounting and reporting treatment applied to the fixed assets and long -term liabilities associated with a fund are determined by its measurement focus. Governmental funds and Expendable Trust Funds are accounted for on a spending or "financial flow" measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance is considered a measure of "available spendable resources." Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Fixed assets used in governmental fund type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group. Public domain ( "infrastructure ") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems, are excluded from general fixed assets as such items are immovable and of value only to the City. No depreciation has been provided on general fixed assets. Fixed assets are recorded at historical cost. Donated fixed assets are valued at the fair market value as of the date received. Long -term liabilities expected to be financed from govern- mental funds are accounted for in the General Long -Term Debt Account Group, not in the governmental funds.