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GOVERNMENTAL REPORTING

City Council Budgetary Hearing. GOVERNMENTAL REPORTING. GOVERNMENTAL REPORTING MODEL. GOVERNMENT-WIDE Statement of Net Assets. Format: Assets – Liab. = Net Assets Columns for: Governmental activities (excluding fiduciary) Includes Internal Service Fund Business-type activities

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GOVERNMENTAL REPORTING

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  1. City Council Budgetary Hearing GOVERNMENTAL REPORTING

  2. GOVERNMENTAL REPORTING MODEL

  3. GOVERNMENT-WIDEStatement of Net Assets • Format: Assets – Liab. = Net Assets • Columns for: • Governmental activities (excluding fiduciary) • Includes Internal Service Fund • Business-type activities • Total of the above • Component units (shown separately) • Distinguishable • Own taxing authority

  4. GOVERNMENT-WIDEStatement of Activities • Full accrual • Format: Based on functions or programs • Expenses include depreciation • General revenues (shown at bottom) • Not tied to specific program • Includes: • Contributions to permanent endowments • Special items • Extraordinary items

  5. RECONCILIATION SCHEDULES Fund balances in Governmental Funds to Government-wide Net assets Net change in Governmental Fund Balances to Government-wide change in Net assets

  6. BUDGETARY COMPARISONS • Original budget and final budget • Same format as original budget • Variance column is encouraged

  7. OTHER REQUIREDSUPPLEMENTARY INFORMATION • MD&A • Infrastructure Assets • Roads, sewer systems, etc. • Modified approach (no depreciation) • Manages infrastructure assets through up-dated inventory, periodic assessment, estimates annual amount to preserve assets • Documents eligible infrastructure assets are being preserved • Other note disclosures

  8. CONVERSION OF STATEMENTSGovernment Funds to Government-wide • Record capital assets, remove expenditures for capital outlays, record depreciation • Change “proceeds on bonds” to liabilities, change expenditures for principal payments to debt reduction, adjust for interest accruals • Convert revenue recognition to full accrual Continued

  9. CONVERSION OF STATEMENTSGovernment Funds to Government-wide • Convert expenses to full accrual • Change special items (proceeds on sale of land to gain on sale of land) • Adding internal service funds to governmental activities • Eliminating interfund activities • Eliminating fiduciary funds

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