Laserfiche WebLink
<br />OVERVIEW OF THE BASIC FINANCIAL STATEMENTS <br /> <br />This report is in three parts: <br /> <br />1) Management's Discussion and Analysis (this part), <br />2) The Basic Financial Statements, which include the Agency-wide and the Fund financial <br />statements, along with the Notes to these financial statements, <br />3) Unaudited Supplementary Information <br /> <br />THE BASIC FINANCIAL STATEMENTS <br /> <br />The Basic Financial Statements comprise the Agency-wide Financial Statements and the Fund <br />Financial Statements. These two sets of financial statements provide two different views of the <br />Agency's financial activities and financial position ~ long-term and short-term. <br /> <br />The Agency-wide Financial Statements provide a longer~term view of the Agency's activities as <br />a whole, and comprise the Statement of Net Assets and the Statement of Activities. The <br />Statement of Net Assets provides information about the financial position of the Agency as a <br />whole, including all its capital assets and long-term liabilities on the full accrual basis, similar to <br />that used by corporations. The Statement of Activities provides information about all the <br />Agency's revenues and all its expenses, also on the full accrual basis, with the emphasis on <br />measuring net revenues or expenses of each the Agency's programs. The Statement of Activities <br />explains in detail the change in Net Assets for the year. <br /> <br />The Fund Financial Statements report the Agency's operations in more detail than the Agency- <br />wide statements and focus primarily on the short-term activities of the Agency's Major Funds. <br />The Fund Financial Statements measure only current revenues and expenditures, current assets, <br />liabilities and fund balances; they exclude capital assets, long-term debt, and other long-term <br />amounts. <br /> <br />Together, all these statements are now called the Basic Financial Statements. <br /> <br />The Agency-wide Financial Statements <br /> <br />All of the Agency's basic services arc considered to be govenunental activities, including <br />general government and community development. These services are supported by general <br />Agency revenues such as property tax increments, and by program revenues such as lease <br />revenues. <br /> <br />Agency-wide financial statements are prepared on the accrual basis, which means they measure <br />the flow of all economic resources of the Agency as a whole. <br /> <br />3 <br />