Activities. The City’s Proprietary Funds which are made up of Enterprise Funds and Internal Service Funds are sourced from voluntary payments for goods and services and use the full accrual basis of accounting. The Enterprise funds are used to report and account for the same functions presented as business-type activities in the governmentwide financial statements, and include water, sewer and stormwater, utilities, and parking facilities, all of which are considered to be major funds of the City, and several other non-major fee supported activities, and the Internal Service funds are used to report activities that provide supplies and service for the City’s programs and activities such as the use of its fleet of vehicles, printing and mail services, telecommunications services, energy conservation and building maintenance. The Proprietary Fund contains for the fiscal year ended June 30, 2016, a Statement of Net Position, Statement of Revenues, Expenses and Changes in Fund Net Position, and a Statement of Cash Flows.
4 CAFR and CCR Reports The City’s Fiduciary Funds are prepared under a full accrual basis of accounting and are used to keep an account of resources held for the benefit of parties outside the government as well as to provide information on its pension trust, OPEB trust and agency funds which are not reflected in the City’s government-wide financial statement. It also contains a Statement of Net Position and a Statement of Changes in Net Position for the fiscal year ended June 30, 2016. The Notes to the Basic Financial Statements can also be found in the Financial Section of the CAFR, which provide additional information that give a full understanding of the data disclosed in the government-wide and fund financial statements together with the Required Supplementary Information which presents information such as the general fund budgetary basis financial statement, the Retirement System’s changes in net pension liability and investment return ratios, and the City’s progress in funding its other post-employment benefits obligation. The unaudited Statistical Section of the CAFR gives information about the City’s total financial health in terms of its revenue capacity such as the revenue generated from Property Taxes, which is the most significant source for the city, its financial trends, its debt capacity which helps users to assess if the City can afford to pay off its current debts and any future debts that may arise, its demographic and economic information which help users to better understand the environment within which the financial activities of the City take place and its operating information which contains service and infrastructure data to help users understand the close relationship between the information in its financial report and the services that it provides as well as the activities that it performs.
You've reached the end of your free preview.
Want to read all 6 pages?
- Summer '12
- Accounting, Generally Accepted Accounting Principles, Comprehensive annual financial report, CAFR