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• <br /> • <br /> • <br /> • The statement of activities presents information showing how the Town of Monument's <br /> 41 net assets changed during the most recent fiscal year. All changes in net assets are <br /> • reported as soon as the underlying event occurs, regardless of the timing of related cash <br /> • flows. Thus revenues and expenses reported in this statement for some items will result <br /> • in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused <br /> vacation leave). <br /> S <br /> • Both of the government-wide financial statements distinguish functions of the Town of <br /> • Monument that are principally supported by taxes and intergovernmental revenues <br /> (Governmental Activities) from other functions that are intended to recover all or a <br /> • significant portion of their costs through user fees and charges (Business-type Activities). <br /> • The Governmental Activities of the Town of Monument include general government, <br /> public safety (law enforcement & court), public works (streets, parks and recreation, <br /> cemetery) and development services. The Business-type Activities of the Town of <br /> • Monument include water. <br /> • <br /> Fund Financial Statements <br /> • A fund is a grouping of related accounts that is used to maintain control over resources <br /> that have been segregated for specific activities or objectives. The Town of Monument, <br /> like other state and local governments, uses fund accounting to ensure and demonstrate <br /> compliance with finance-related legal requirements. All of the Town's funds can be <br /> • divided into two categories: governmental funds and proprietary funds. <br /> Governmental funds — Most of the Town's basic services are reported in governmental <br /> • funds, which focus on how money flows into and out of those funds and the balances left <br /> • at year-end that are available for spending. The funds are reported using an accounting <br /> • method called modified accrual accounting, which measures cash and all other financial <br /> assets that can readily be converted to cash. The governmental funds statements provide <br /> • a detailed short-term view of cash, the governmental fund operations and the basic <br /> • services it provides. <br /> Because the focus of governmental funds is narrower than that of the government-wide <br /> • financial statements, it is useful to compare the information presented for governmental <br /> • funds with similar information presented for governmental activities in the government- <br /> • wide financial statements. By doing so, readers may better understand the long-term <br /> impact of the government's near-term financing decisions. <br /> • <br /> • Both the governmental fund balance sheet and the governmental fund statement of <br /> • revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate <br /> this comparison between governmental funds and governmental activities. <br /> • Proprietary fund— The enterprise fund of the proprietary fund type is used to report the <br /> • same functions presented as business-type activities in the government-wide financial <br /> • statements, but provide more detail and additional information, such as cash flow. <br /> Proprietary funds are reported in the same way that all activities are reported in the <br /> • Statement of Net Assets and the Statement of Activities. <br /> S <br /> • ii <br /> • <br /> • <br /> • <br />