13-60 Lower S. Platte WCD - Grant Request

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F7 Note A — Summary of significant accountina policies (Continued) • General Fund — The general fund is the operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund. Major revenue sources include local property taxes, specific ownership taxes and augmentation fees. Expenditures include all costs associated with the daily operation of the District. • The following is the District's nonmajor governmental fund: Capital Reserve Fund — This fund is a special revenue fund used to account for the earnings on investments that the governing body has set aside for future capital needs. A.3 — Basis of presentation • Government -wide financial statements — The statement of net assets and the statement of activities display information about the District as a whole. These statements include the financial activities of the primary government except for fiduciary funds, if applicable. The government wide statements are prepared using the economic resources measurement focus and • the accrual basis of accounting. This is the same approach used in preparation of the proprietary fund financial statements (where applicable) but differs from the manner in which governmental fund financial statements are prepared. Governmental fund financial statements therefore include reconciliations with a brief explanation to better identify the relationship between the government -wide statements and the statements for governmental funds. The government -wide statement of activities presents a comparison between direct expenses and • program revenues for each function or program of the District's governmental activities. Direct expenses are those that are specifically associated with a service, program or department and therefore are clearly identifiable to a particular function. Program revenues include charges paid by the recipient of the goods or services offered by the program and grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues, which are not classified as program revenues, are presented as general revenues of the District, with certain limited exceptions. The comparison of direct • expenses with program revenues identifies the extent to which each business segment or governmental function is self- financing or draws from the general revenues of the District. Fund financial statements — Fund financial statements report detailed information about the District. The focus of governmental and enterprise fund financial statements is on major funds rather than reporting funds by type. Each major fund is presented in a separate column. Nonmajor funds are aggregated and • presented in a single column. The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental fund types are accounted for using a flow of current financial resources management focus. The financial statements for governmental funds are a balance sheet, which generally includes only current assets and current liabilities, and a statement of revenues, expenditures and changes in fund balance, which reports the sources (revenues and other financing sources) and uses (expenditures and other financing • sources (revenues and other financing sources) and uses (expenditures and other financing uses) of current financial resources. • -14- 40