AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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NOTE ..~..- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINlJEDf:. . . legal c.ounsel are the City's Finance Director and the City Attorney, respectively,: The. financial transactions of the Port ar~ ,incolJlorated as .an. enterprise fund. . ~:B...:.:' Basis of Presentation The City's basic financial statements are prepareq in co~formity with accounting principles generally : accepted in the: United States of America. . The: .Governmental Accounting Standards Board is the 'acknowledged standard setting body for estilblishing ::accounting and. '.financial rep.orting standards .. fonowed by governmental entities in. the U.S~A. . ... These: statements require that the financial statements described below ~e pres.ented-. . 'Government-wide; Statements; The Statement of N.et Assets and the Statement of Activities display irifonnation about the primary govemment (the City) and its component units> These statements include ., : th~ : financial activities of the overall.. CiJY government, except for fiduCiary : activities. . Certain eliminations have been ,made as pr~scribed by GASB Statement No. 34 in regard$.to interfund activities, payables, and receivables. All: internal balances in the Statement' of l'Jpt: Assets have.been eliminated except those representingbaJances betWeen the governmental activities~'which are':presented as internal , balances and eliminated in the total 'primary government column. . These sta~ements distinguish between . the gOlten,mental and business-type activities of the City. . Governmental activiti~s: generally are. financed ,through taxes, intergovernmental ; revenues. and other non-exchange transactions; Business-type. . a~tivities are fiilanced in\vhole or in part by fees .charg~d toextern:alparties.. . . . . Th~ Statement or' Activitie~.',presents a comparison b~tweehdirect ex~ns'es aJ~d :prowam revenues for . each segJT1cllt ofthe.business-type acti"vities:ofth~ City'and:for each function; of the City's governmental activities; : Direct" expenses are those that' are, specifically associated with .a. program or function and, therefore, are clearly identifiable to i particular function... Program revemies.;include(a) charges paid by the recipients of goods or se~ices offered by the programs, (b): grants:: and. contributions th.at are : restricted to meeting the ,operational needs. of a particular program, and' (c) fees, grants, and contributions.: :: .that ;;are. restricted to financing the acquisition or construction of capital assets. Revenues that arc: not :. classified as program revenues, including all taxes; are: presented as general revenu~s. - . . :' Fund FinanciaIStat~me~ts:: The f~nd financifllstat~ments;providc iriforma~ion about the City's.funds, . 'including fiduciary funds and blended conlponent uriits. Separate. .s~tements for each .fund: category- . governmental,; proprietary, ?-l1dfiduciary":"-are presented.: Tne emphasis of fund. finan.cial statements is on major individual. funds~ each of \vhich is displayed in:'8 separatccolumn. All remaining govern.mental and cnte~prise funds are. .aggregated and reported.as n~n-maj~r fu.nds. . . . . '.' .!. '.. . :. ~ :. . . .. :. : Proprietary funds .;distinguish operating revenues and expense.s from nonoperating: items. Operating revenues~ such as charges for. services, result from. exchange transactions associatel:t with the principal: : . .activity of :the fund. Exchange transaCtlons: are :thosc in which : each. party. receives and. gives up . essentially equal values. Non-operating revenues, such. as subsidies and .investment earnings., resuh from . non-exchange transactions Of. ancillary activities.' Operating-: expenses. for proprietary funds, are those .expenses. that are essential to: the primary: operations of the funds~: All other expenses are reported as non-operating ~x.penses. :c . Major Fumls. GASB.' Statement No. 34 defines major .funds and' .requires that the. City's Inajor governmental and :. business-type funds be identified and presented separately in ..the fund financial statements. An Other ... .:: funds,. called non.-major.funds,. are. com~ined ~d reported in a single column~ regardless, .of their fund- type... ., ... ,.i. :. ., .:::.30