AgdaPkt 2011-01-10 - Laserfiche WebLink

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6.1 B ATT�I�dIENT`� The Basic Financial Statements The Basic Financial Statements comprise the Agency-wide Financial Statements and the Fund Financial Statements; these two sets of financial statements provide two different views of the Agency's financial activiiies and financial position. The Agency-wide Financial Statements provide a longer-term view of the Agency's activities as a whole I I and include the Statement of Net Assets and the Statement of Activities. The Statement of Net Assets ' provides information about the financial position of the Agency as a whole, including all its capital assets ' and long-term liabilities on the full accrual basis, similar to that used by corporations. The Statement of ' Activities provides information about all of the Agency's revenues and all its expenses, also on the full accrual basis, with the emphasis on measuring net revenues or expenses of each of the Agency's programs. The Statement of Activities explains in detail the change in Net Assets for the year. All of the Agency's activities are grouped into Governmental Activities. The Fund Financial Statements report the Agency's operations in more detail than the Agency-wide statements and focus primarily on the short-term activities of the Agency's four funds. The Fund Financial Statements measure only current revenues and expenditures and fund balances; they exclude capital assets, long-term debt and other long-term amounts. Major funds account for the major financial activities of the Agency and are presented individually, while the activities of any Non-major funds are presented in summary, with subordinate schedules presenting the detail for each of these other funds. The Agency reports all five of its funds as Major Funds. Tlie Agency-wide Financial Statements The Statement of Net Assets and the Statement of Activities present information about the following: • Governmental activities - All of the Agency's basic services are considered to be governmental activities, including intergovernmental school and special district pass-throughs and community development and engineering. These services are supported by the general Agency revenues such as property tax increments. Agency-wide financial statements are prepared on the accrual basis, which means they measure the flow of all economic resources of the Agency as a whole. Fund Financial Statements The Fund Financial Statements provide detailed information about each of the Agency's most significant funds, called Major Funds. The concept of major funds, and the determination of which are major funds, was established under GASB Statement 34 and replaces the concept of combining like funds and presenting them in total. Instead, each Major Fund is presented individually, with all Non-major Funds summarized and presented only in a single column. Subordinate schedules present the detail of these Non-major funds. Major Funds present the major activities of the Agency for the year, and may change from year to year as a result of changes in the pattern of Agency's activities. 4