FY25 GFOA Budget - Flipbook - Page 161
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APPENDIX
provided by a given function and 2) grants and contributions that are restricted to meeting
the operational or capital requirements of a particular function or segment. Taxes and
other items not properly included among program revenues are reported as general
revenues.
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
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