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The City anticipates average annual savings of approximately $ over the life of the <br />Bonds as a result of the refinancing of its Side Fund obligation under the Safety Plan. [Savings <br />amount to come from UNDERWRITERS]. <br />Financial Statements <br />The accounting policies of the City conform to generally accepted accounting principles. <br />The Governmental Accounting Standards Board ( "GASB ") published its Statement No. 34 <br />"Basic Financial Statements — and Management's Discussion and Analysis — for State and <br />Local Governments" on June 30, 1999. Statement No. 34 provides guidelines to auditors, state <br />and local governments and special purpose governments such as school districts and public <br />utilities, on new requirements for financial reporting for all governmental agencies in the United <br />States. Generally, the basic financial statements and required supplementary information <br />should include (i) Management's Discussion and Analysis; (ii) financial statements prepared <br />using the economic measurement focus and the accrual basis of accounting and (ii) fund <br />financial statements prepared using the current financial resources measurement focus and the <br />modified accrual method of accounting and (iii) required supplementary information. <br />Accounts of the City are organized on the basis of funds each of which is considered a <br />separate accounting entity. There are three groups of funds- governmental funds (which include <br />the General Fund), proprietary funds (which include enterprise funds and internal service funds) <br />and fiduciary funds (which are used to account for resources held for the benefit of parties <br />outside the City). The City maintains 32 individual governmental funds. Information is presented <br />in the governmental statement of revenues, expenditures, and changes in fund balances for the <br />General Fund together with 22 other funds, in a single aggregated presentation. <br />Supplementary information describing the City's Non -Major Governmental Funds (2), Non -Major <br />Enterprise Funds (2), Internal Service Funds (4) and Fiduciary Funds (1) is also presented. <br />All governmental funds and fiduciary funds use the modified accrual basis of accounting. <br />The proprietary funds use the accrual basis of accounting. The General Fund is the general <br />operating fund of the City and is used to account for all financial resources except those <br />required to be accounted for in another fund. <br />A -11 <br />