AgdaPkt 2007-12-17 - Laserfiche WebLink

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NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES�CONTINUED� 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. In FY 2006/07 the Redevelopment Agency fund was not a major fund but due to its importance to the City, it is presented as a major fund. 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. Capital outla.� is to account for all miscellaneous capital improvement projects that are financed by the general fund. Redevelopment Agenc.� accounts for funds to be provided by loans and/or property tax increment from specific redevelopment areas for redevelopment projects within those areas. The City reported all its enterprise funds as major funds in the accompanying financial statements: Water utili. fund is to account for the provision of water services to the residents of Redwood City. Sewer utili , fund is to account for the provision of sewer services to the residents of Redwood City. Parkin� 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 Cit�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 delivery service, and employee benefits. These services are provided to departments and other governments on a cost- reimbursement basis. Fiduciar_y Funds - These funds are used to account for assets held by the City in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other funds. The City maintains four funds - Employee Benefit Plans Fund, Seaport Consolidated Bonds Fund, Pacific Shores Community Facilities District Fund, and the Shores Transportation Improvement District Fund - as an agent of the bondholders or City employees. D. Basls ofAccounting The government-wide and proprietary fund financial statements are reported using the economlc �esou�ces measu�ement focus and the full acc�ual basls of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are Incur�ed, regardless of when the related cash flows take place. 31