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<br />statements previously required and provides for financial statements prepared using an <br />economic measurement focus and accrual basis of accounting. The basic financial statements <br />consist of (i) government-wide financial statements displaying information about the reporting <br />government as a whole, (ii) fund financial statements prepared using the current financial <br />resources measurement focus and the modified accrual method of accounting, which report <br />information about major funds individually and nonmajor funds in the aggregate, and (iii) notes <br />to the financial statements. The basic financial statements are followed by the required <br />supplementary information and preceded by a management's discussion and analysis of the <br />financial activities. The City was required to implement Statement No. 34 for the fiscal year <br />2002-03 audited financial statement. <br /> <br />Set forth below is a balance sheet for the City's General Fund as of June 30 of the years <br />2004 through 2006 (audited). Also set forth below is a table summarizing the City's statement <br />of revenues and expenditures for the fiscal years ended June 30, 2004 through 2006 (audited). <br />These results were compiled based on the City's audited financial statements for the years <br />ended June 30, 2004 through 2006. The City's audited financial statements for the year ended <br />June 30, 2006 are included as Appendix B attached hereto and should be read in their entirety. <br /> <br />-18- <br />