BFPD FY26 GFOA Budget - Flipbook - Page 167
| APPENDIX
Fund Financial Statements
Separate fund financial statements are provided for governmental funds and proprietary funds.
Major individual governmental funds and major individual enterprise funds are reported as
separate columns in the fund financial statements. Non-major funds include non-major Special
Revenue funds and non-major Capital Projects funds. The combined amounts for these funds are
reflected in a single column titled “Other Governmental Funds” in the fund Balance Sheet and
Statement of Revenues, Expenditures, and Changes in Fund Balances. Detailed statements for
non-major funds are presented with Combining and Individual Fund Statements and Schedules in
the supplemental schedules of the financial statements.
Funds are organized as major funds or non-major funds within the governmental statements. An
emphasis is placed on major funds within the governmental category. A fund is considered major
if it is the primary operating fund of the entity or meets the following criteria:
Total assets and deferred outflows, liabilities and deferred inflows, revenues or expenditures and
expenses of the individual governmental fund or enterprise fund are at least ten percent of the
corresponding total for all funds of that category or type and;
Total assets and deferred outflows, liabilities and deferred inflows, revenues or expenditures and
expenses of the individual governmental or enterprise fund are at least five percent of the
corresponding total for all governmental and enterprise funds combined.
Measurement Focus, Basis of Budgeting, and Basis of Accounting
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund financial
statements when applicable. Additionally, the District follows the economic resources
measurement focus and the accrual basis of budgeting. Revenues are recognized when earned
and expenses are recognized when a liability is incurred, regardless of the timing of the related
cashflows. Property taxes are recognized as revenues in the year for which they are levied.
Grants and similar items are recognized as revenue as soon as all eligibility requirements
imposed by the provider have been met.
Governmental funds are those which governmental functions of the District finance. The
acquisition, use, and balances of the District’s expendable resources and the related liabilities are
accounted for through governmental funds. Governmental fund financial statements are reported
using the current financial resources measurement focus and the modified accrual basis of
accounting to maintain consistency month-to-month. This method is helpful for monthly
governmental fund financial statements because it allows for a combination of cash basis and full
accrual.
Revenues are recognized as soon as they are both measurable and available. Revenues are
considered to be available when they are collectible within the current period or soon enough
thereafter to pay liabilities of the current period. For this purpose, the government does not
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