ANNUAL AUDIT - Laserfiche WebLink

Browse Search

Conejo Recreation and Park District Notes to Basic Financial Statements (Continued) June 30, 2018 Note I — Summary of Significant Accounting Policies (Continued) B. Basis of Accounting and Measurement Focus (Continued) Government -Wide Financial Statements (Continued) Certain types of transactions reported as program revenues for the District are reported in three categories: • Charges for services • Operating grants and contributions • Capital grants and contributions Certain eliminations have been made in regards to interfund activities, payables and receivables. All internal balances in the Statement of. Activities have been eliminated. The following interfund activities have been eliminated: • Transfersin/out Governmental Fund Financial Statements Governmental fund financial statements include a Balance Sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balances. An accompanying schedule is presented to reconcile and explain the differences in net position as presented in these statements to the net position presented in the Government -Wide Financial Statements. All governmental funds are accounted for on a spending or "current financial resources" measurement focus and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on the balance sheets. The Statement of Revenues, Expenditures, and Changes in Fund Balances present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in fund balance. Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period. Revenues are recorded when received in cash, except that revenues subject to accrual (generally 64 days after year- end) are recognized when due. The primary revenue sources, which have been treated as susceptible to accrual by the District, are property taxes, grant revenues and earnings on investments. Expenditures are recorded in the accounting period in which the related fund liability is incunvd. The reconciliations of the Fund Financial Statements to the Government -Wide Financial Statements are provided to explain the differences. Major Funds The District reported the following major governmental funds in the accompanying basic financial statements: General Fuad — The General Fund is used for all general revenues of the District not specifically levied or collected for other District funds and the related expenditures. The General Fund accounts for and reports all financial resources not accounted for and reported in another fund. 29