BFPD FY26 GFOA Budget - Flipbook - Page 168
| APPENDIX
consider revenues to be available if they are collected within 60 days of the end of the current
fiscal period.
Expenditures generally are recognized when a liability is incurred, as under accrual accounting.
However, debt service expenditures as well as expenditures related to compensated absences,
claims, and judgments are reported only when payment is due. General capital asset acquisitions
are reported as expenditures in governmental funds. Proceeds of general long-term debt are
reported as other financing sources.
Property taxes, sales taxes, franchise taxes, licenses, charges for service, amounts due from other
governments, and interest associated with the current fiscal period are all considered to be
susceptible to accrual and so have been recognized as revenues of the current fiscal period if
applicable. Charges for sales and services and miscellaneous revenues are generally recorded as
revenue when received in cash because they are generally not measurable until actually received.
Basis of Presentation
The accounts of the District are organized and operated on the basis of funds, each of which is
considered a separate accounting entity. The operations of each fund are accounted for with a
separate set of self-balancing accounts. The various funds are summarized by type within the
financial statements.
Fiduciary fund level financial statements are custodial in nature and are merely clearing accounts
for assets held by the District as an agent for individuals, private organizations, or other
governments. Fiduciary funds are excluded from government-wide financial statements. The
District reports the following fiduciary fund:
The Firefighters’ Pension Fund which accounts for assets held by the District in a trustee
capacity.
Proprietary fund level financial statements are used to account for activities, which are similar to
those found in the private-sector. The measurement focus is upon determination of net income,
financial position, and cash flows. The District reports no proprietary funds.
When applicable, on the proprietary fund financial statements, operating revenues are those that
flow directly from the operations of the activity, i.e., charges to customers or users who purchase
or use the goods or services of that activity. Operating expenses are those that are incurred to
provide those goods or services. Non-operating revenues and expenses are items such as
investment income and interest expense that are not a result of the direct operations of the
activity. When applicable, private-sector standards of accounting and financial reporting issued
prior to December 1, 1989, generally are followed in both the government-wide and proprietary
fund financial statements to the extent that those standards do not conflict with or contradict
guidance of the Governmental Accounting Standards Board.
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