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general and statistical information - City of Inglewood

general and statistical information - City of Inglewood

Agency Codes Each

Agency Codes Each City agency has been assigned an identification code number, which is used for all financial transactions. These code numbers allow the City's Local Government Financial System (LGFS) to maintain agency expenditure records and facilitate the ability of agency staff to monitor costs. The code numbers for all City agencies are listed below: Codes Agency 010 .................................................................................................Mayor and City Council 011 .................................................................................................City Clerk 012 .................................................................................................City Treasurer 015 .................................................................................................Legal 020 .................................................................................................Administration 021 .................................................................................................Human Resources 024 .................................................................................................Information Technology & Communications 025 .................................................................................................Finance 030 .................................................................................................Community Development 032 .................................................................................................Residential Sound Insulation 035 .................................................................................................Planning and Building 045 .................................................................................................Police 050 .................................................................................................Library 060 .................................................................................................Public Works 070 .................................................................................................Parks, Recreation, & Community Services 098 .................................................................................................Civic Center 099 .................................................................................................Non-Departmental 100 .................................................................................................Capital Projects Page 508

BASIS OF BUDGETING AND CLASSIFICATION OF FUNDS Basis of Budgeting The City of Inglewood's budgets are adopted using sound operational budgetary techniques on a basis consistent with generally accepted accounting principles (GAAP). Exceptions to GAAP include using encumbrance accounting, not capitalizing land held for resale and the recording of court deposits. In encumbrance accounting, purchase orders, contracts, and other commitments for the expenditure of resources are charged against budgeted appropriations in the year in which the encumbrance is incurred. GAAP requires encumbrances not be reported as expenditures but as reservations of fund balances. Annual appropriated budgets are adopted for the general, special revenue and capital project funds. Budgets are adopted for other debt service funds as required by state law. All appropriations lapse at fiscal year end, including encumbered funds which must be re-budgeted in the new fiscal year. Classification of Funds The City uses various fund types to report on its financial position and the results of its operations. Governmental fund types use the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized once they become both measurable and available. Expenditures should be recognized in the accounting period in which the fund liability is incurred. Proprietary fund types utilize the accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. The City's various fund types are described below: General Fund The General Fund is used to account for resources devoted to financing the general services, which the City performs for its residents. These include general administration, protection of life and property, and similar broad services. The general fund is sometimes described as the one used to account for all financial transactions not properly accounted for in another fund. Measure IT Fund In 2006 the voters of Inglewood approved a special one-half cent use tax on sales within Inglewood. Although not technically a “Special Fund”, the City has elected to segregate it and treat it as if it were a “Special Fund”. Most of the activities to be funded are anticipated to relate to public safety and critical community services. Page 509

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