FY25 GFOA Budget - Flipbook - Page 163
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APPENDIX
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.
Governmental Accounting Standards Board (GASB) Statements
Recently implemented GASB Statements relevant to the District based on most recent
audit.
Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment
Arrangements, was issued March 2020 and was adopted by the District during the year
ended December 31, 2023.
Statement No. 96, Subscription-Based Information Technology Arrangements, was issued
May 2020 and was adopted by the District during the year ended December 31, 2023.
Upcoming GASB Statements Relevant to the District
Statement No. 100, Accounting Changes and Error Corrections, was issued June 2023 and
will be effective for the District with the year ending December 31, 2024.
Statement No. 101, Compensated Absences, was issued June 2023 and will be effective for
the District with the year ending December 31, 2024.
Cash and Investments
For purpose of the Statement of Net Position, the District's cash and cash equivalents are
considered to be cash on hand, demand deposits, and cash with fiscal agent. Investments
are reported at fair value. Short-term investments are reported at cost, which
approximates fair value. Securities traded on national exchanges are valued at the last
reported sales price. Investments that do not have any established market, if any, are
reported at estimated fair value.
Pooled Cash
Cash resources of the individual governmental fund types are combined to form a pool of
cash and, when applicable, investments. At December 31, 2023, the District's cash was
deposited in demand accounts and money market savings accounts.
Interfund Activity
During the course of normal operations, the District has transactions between funds,
including expenditures and transfers of resources to provide services and construct assets.
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