AgdaPkt 2005-01-24 - Laserfiche WebLink

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NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 ÇmJital outlay fund is to account for all miscellaneous capital improvement projects that are financed by the general fund. Redevelopment Agency fund 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 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 delivery service, and employee benefits. These services are provided to departments and other governments on a cost- reimbursement basis. Fiduciary 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. Basis of Accounting The government-wide, proprietary, and fiduciary fund financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The City considers all revenues reported in the governmental funds to be available if the revenues are collected within 60 days after year-end. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they have matured. 28