CCAgenda_04May19 - Laserfiche WebLink

Home Browse Search

CITY OF FALCON HEIGHTS, NIINNESOTA • MANAGEMENT'S DISCUSSION AND ANALYSIS December 31, 2003 Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City of Falcon Heights maintained nineteen individual governmental funds during 2003. Of these funds, five are major funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, the community development special revenue fund, the improvement bonds of 1999 fund, the future improvements fund and the tax increment #2 construction capital projects fund all of which are considered to be major funds. Data from the other fourteen governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report. In addition, individual fund schedules are presented on pages 72-76 for all non-major special revenue funds. The City of Falcon Heights adopts an annual appropriated budget for its general fund and all • special revenue funds. A budgetary comparison statement has been provided for the general fund and the major special revenue fund to demonstrate compliance with this budget. The basic governmental fund financial statements can be found on pages 29-39 of this report. Proprietary Funds -The City of Falcon Heights maintains one type of proprietary funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City of Falcon Heights uses enterprise funds to account for its sanitary sewer and storm drainage. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary funds' financial statements provide separate information for the sanitary sewer and storm drainage, both of which are considered to be major funds of the City of Falcon Heights. The basic proprietary fund financial statements can be found on pages 40-43 of this report. Fidacciary Funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City of Falcon Heights' own programs. During 2003, the City closed out its one fiduciary fund. • 17