AgdaPkt 2016-01-11 Closed and Joint SA PFA

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6.1.E. - Page 65 , Notes to the Basic Financial Statements For the year ended June 30, 2015 NOTE 1-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED) C. Major Funds GASB Statement No. 34 defines major funds and requires that the City's major governmental and business-type funds be identified and presented separately in the fund financial statements. All other funds, called non-major funds, are combined and reported in a single column, regardless of their fund- type. Major funds are defined as funds that have assets, liabilities, revenues, or expenditures/expenses equal to ten percent of their fund-type total and five percent of the grand total. The general fund is always a major fund. The City may also select other funds it believes should be presented as major funds. The City reported the following major governmental funds in the accompanying financial statements: General fund is to account for all financial resources except those to be accounted for in another fund. It is the general operating fund of the City. Housing Legal Aid Society fund is to account for revenues previously deposited in the former redevelopment agency low and moderate income housing fund pursuant to an agreement with the Legal Aid Society. Capital outlay fund is to account for all miscellaneous capital improvement projects that are financed by the general fund. The City reported all of its enterprise funds except the Docktown Marina Fund as major funds in the accompanying financial statements: Water utility fund is to account for the provision of water services to the residents of Redwood City. Sewer utility fund is to account for the provision of sewer services to the residents of Redwood City. Parking fund is to account for on-street and off-street parking operations within the boundaries of the central business district of the City. Port of Redwood City (Port fund) is to account for Port activities within the Port Department including, but not limited to, administration, maintenance and operations, and Port improvements. The City also reports the following fund types: Internal service funds - Internal service funds are used to account for costs of the City's equipment services, the City's insurance program, the costs of the City's telephone/communications and information technology services, maintenance and repair of buildings, custodial services, and employee benefits. These services are provided to departments and other governments on a cost-reimbursement basis. 36