ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 25
Table 1: Organization and Flow of Financial Section Information
Report of Independent Certified Public Accountants
Provides the opinion of the Independent CPAs on the fair presentation of the basic financial
statements.
Management's Discussion and Analysis
This supplementary information is required for state and local government financial
statements,and is intended to provide a narrative introduction, overview, and analysis.
Fund Financial
Government-wide
Financial Statements
Statements
Provides information
Provides information on
on
the financial position of
Governmental and
specific funds of the
business-type activities of
primary government.
the primary government.
Notes to Financial Statements
Provides a summary of significant accounting policies and related disclosures.
Government-wide financial statements - The government-wide financial statements are designed to provide
readers with a broad overview of the City’s finances in a manner similar to a private sector business. The
government-wide statements provide short and long-term information about the City’s financial status as a
whole.
The Statement of Net Position presents information on all of the City’s assets and liabilities, withthe difference
between the two reported as net position. Over time an increase or decrease in net position may serve as a
useful indicator of whether the financial position of the City is improving or deteriorating.
The Statement of Activities presents information showing how the government’s net position changed during
the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise
to the change occurs, regardless of the time of related cash flows.Thus, revenues and expenses are reported
in this statement for some items that will only result in cash flows in future fiscal periods (e.g. uncollected taxes
and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions
of the City that areprincipally supported by taxes and intergovernmental revenues (government activities) from
otherfunctions that are intended to recover all or a significant portion of their costs through user fees and
charges (business-type activities).
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