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NOTE 19 — FUTURE REPORTING REQUIREMENT <br />The Governmental Accounting Standards Board (GASB) issued Statement No. 34, Basic Financial <br />Statements — and Management's Discussion and Analysis — for State and Local Governments in <br />June 1999. This is one of the most significant changes to occur in the history of governmental financial <br />reporting. The basic financial statements, consisting of the government -wide financial statements, fund <br />financial statements and notes to the financial statements, will replace the current general purpose <br />financial statements. The government -wide financial statements, consisting of a Statement of Net Assets <br />and a Statement of Activities, will be prepared using the economic resource measurement focus and the <br />accrual basis of accounting. Fund financial statements will consist of a series of statements that focus on <br />information about the City's major funds. Certain additional disclosures relating to GASB Statement <br />No. 34 will be required in the notes to the financial statements. The City will implement GASB <br />Statement No. 34 for fiscal year ending December 31, 2004. <br />