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VLAWMO Annual Financial Report 2009
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VLAWMO Annual Financial Report 2009
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9/19/2019 2:33:19 PM
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Finance Dept
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Audit
Finance Number Identifier
VLAWMO Annual Financial Report 2009
Date
12/31/2009
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Management's Discussion and Analysis - Continued <br />March 24, 2010 <br />Fund Financial Statements <br />Afund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific <br />activities or objectives. The Organization, like other state and local government, uses fund accounting to ensure and demonstrate <br />compliance with finance -related legal requirements. The Organization currently only uses governmental funds. <br />Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental <br />activities in the government -wide financial statements. However, unlike the government -wide financial statements, governmental <br />fund financial statements focus on near -term inflows and outflows of spendable resources, as well as on balances of spendable <br />resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near -term <br />financing requirements. <br />Because the focus of governmental funds is narrower than that of the government -wide financial statements, it is useful to <br />compare the information presented for governmental funds with similar information presented for governmental activities in the <br />government -wide financial statements. By doing so, readers may better understand the long-term impact by the government's <br />near -term financing decisions. Both the governmental fund balance sheets and the governmental fund statements of revenues, <br />expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and <br />governmental activities. <br />The Organization adopts an annual appropriated budget for its general fund. A budgetary comparison statement has been <br />provided for the general fund to demonstrate compliance with this budget. <br />The basic governmental fund financial statements start on page 26 of this report <br />Notes to the Financial Statements <br />The notes provide additional information that is essential to a full understanding of the data provided in the government -wide and <br />fund financial statements. The notes to the financial statements start on page 31 of this report. <br />-14- <br />
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