Agenda Packets - 2024/05/13 - Laserfiche WebLink

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The City maintains several individual governmental funds. Information is presented separately in the governmental funds Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund; the Economic Development Authority Special Revenue Fund, the Community Center Special Revenue Fund, the TIF District No. 5 Special Revenue Fund, the Vehicle and Equipment Capital Projects Fund, the Special Projects Capital Projects Fund, and the Street Improvement Capital Projects Fund, which are all considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. The City adopts an annual appropriated budget for its General Fund and special revenue funds. Budgetary comparisons for the General Fund and major special revenue funds are included in the basic financial statements. Budgetary comparisons for nonmaj or special revenue funds are provided elsewhere in the report to demonstrate compliance with these budgets. Proprietary Funds — The City maintains only one type of proprietary fund. Enterprise funds are used to report the same functions presented as business -type activities in the government -wide financial statements. The City uses enterprise funds to account for its water, sewer, storm water, and street light operations. Proprietary funds provide the same type of information as the government -wide financial statements, only in more detail. The City reports the Water, Sewer, and Storm Water Funds as major funds. The Street Light Fund is a nonmajor fund, but is reported with the major funds. Notes to Basic Financial Statements — The notes provide additional information that is essential to a full understanding of the data provided in the government -wide and fund financial statements. The notes to basic financial statements are included as a component of the basic financial statements and can be found immediately after the proprietary fund statements. Other Information — Required supplementary information (RSI) is presented following the notes to basic financial statements. Combining and individual fund statements and schedules for nonmajor funds and other schedules are presented immediately following the RSI. Statistical tables are presented as the last section in this report. GOVERNMENT -WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the City, assets and deferred outflows exceeded liabilities and deferred inflows by $59,962,664 at the close of the most recent fiscal year. A significant portion of the City's net position (70.8 percent) reflects its net investment in capital assets (e.g., land, construction in progress, buildings, infrastructure, and equipment); less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City's investments in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot typically be used to liquidate these liabilities. ere