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The government -wide financial statements are designed to provide readers with abnoad overview ofthe District's finances, inamanner similar 1oaprivate-sector business. The statement ofnet position presents information on all of the District's assets and deferred outflows of resources, and liabilities and deferred inflows of reeourueo, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the District'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 timing of related cash flows. Thus, all of the current year's revenues and expenses are taken into account regardless of when cash is received or paid (e.g., earned but unused vacation leave or uncollected taxes). Fund financial statements Fund financial statements are designed toreport information about groupings of related accounts used tomaintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance -related legal requirements. District funds can be divided into, two categories: governmental funds and fiduciary funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government -wide financial statements. However, unlike the government -wide financial statements, governmental funds financial statements focus on near- term inflows and outflows of spendable resources, as well as on balance of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating e government's near-term financing requirements. Both the governmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The O\atrio1 maintains several individual governmental funds organized by their type (special revenue, debt service, and capital projects funds). Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of nevenuea, expenditures and changes in fund balances for the General Fund, Special Assessment District Special Revenue Fund, Dos Vientos Assessment District Special Revenue Fund, Rancho Conejo Assessment District Special Revenue Fund, and Capital Projects Fund'vvhiohaneoonaidenedto bemajor funds. The District adopts a biennial appropriated budget. Budgetary comparison statements have been provided to demonstrate compliance with the General Fund, Special Assessment District Special Revenue Fund. Dos VientoaAssessment District Special Revenue Funds, and Rancho Conejo Assessment District Special Revenue Fund, pages 88to 71ofthis report. The governmental funds financial statements can be found on pages 1Q-22 of this report. 5