Comprehensive Annual Financial Report (CAFR) - Johnson City

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CITY OF JOHNSON CITY, TENNESSEENOTES TO THE FINANCIAL STATEMENTSFor the Fiscal Year Ended June 30, 20111. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):C. Measurement focus, basis of accounting, and financial statement presentation (continued)Various Project Funds include the Equipment, Parks, Public Facilities and InfrastructureFunds which account for the acquisition and construction of major capital facilities otherthan those financed by proprietary funds.The Permanent Fund (School Trust Fund) accounts for nonexpendable assets left to theCity by the late Paul Gollong. The fund's earnings are used for awarding scholarships tograduating high school students.The City reports the following major proprietary funds:The Water and Sewer Fund accounts for the activities of the City's production, storageand transportation of potable water and the City's collection, transportation, treatmentand disposal of wastewater.The City Solid Waste Fund accounts for the activities of the City's collection ofresidential garbage refuse collection and recycling activities within the City limits.The Johnson City Power Board Fund accounts for the activities of the City's electricdistribution operations.The Johnson City Public Building Authority Fund accounts for the activities of the PBA,a blended component unit of the City. The PBA's main activity is to design, plan, acquireproperty and construct projects delegated ·to the authority by the Board ofCommissioners. The primary source of revenue is rental income.The City reports the following nonmajor proprietary funds:The Golf Course Fund accounts for the activities of the City's two 18-hole golf courses.The Regional Solid Waste Fund accounts for the activities of the City's regionalresidential garbage, refuse collection and recycling activities.The Mass Transit Fund accounts for activities funded by federal grants from the FederalTransportation Administration and state grants provided from federal funds for support oflocal government transportation programs.The Stormwater Management Fund accounts for the activities of the City's stormwaterand drainage management system.43
CITY OF JOHNSON CITY, TENNESSEENOTES TO THE FINANCIAL STATEMENTSFor the Fiscal Year Ended Jnne 30, 20111. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):C. Measurement focus, basis of accounting, and financial statement presentation (continued)Additionally, the City reports the following fund type:The Internal Service Funds (Motor Transport Fund and Insurance Fund) account forfleet management and insurance services provided to other departments or agencies of thegovernment, or to other governments, on a cost reimbursement basis.Private-sector standards of accounting and financial reporting issued prior to December 1, 1989,generally are followed in both the government-wide and proprietary fund financial statements tothe extent that those standards do not conflict with or contradict guidance of the GovernmentalAccounting Standards Board. Governments also have the option of following subsequent· private-sector guidance for their business-type activities and enterprise funds, subject to thissame limitation. The City has elected not to follow subsequent private-sector guidance.As a general rule, the effect of interfund activity has been eliminated from the government-widefinancial statements. Exceptions to this general rule are payments-in-lieu of taxes and othercharges between the City's water and sewer functions and various other functions of thegovernment. Elimination of these charges would distort the direct costs and program revenuesreported for the various functions concerned.Amounts reported as program revenues include 1) charges to customers or applicants for goods,services, or privileges provided, 2) operating grants and contributions, and 3) capital grants andcontributions, including special assessments. Internally dedicated resources are reported asgeneral revenues rather than as program revenues. Likewise, general revenues include all taxes.Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operatingrevenues and expenses generally result from providing services and producing and delivering goodsin connection with a proprietary fund's principal ongoing operations. The principal operatingrevenues of all of the City's enterprise funds and of the City's internal service funds are charges tocustomers for sales and services. The water and sewer fund also recognizes as operating revenue theportion of tap fees intended to recover the cost of connecting new customers to the systems.Operating expenses for enterprise funds and internal service funds include the cost of sales andservices, administrative expenses, and depreciation on capital assets. All revenues and expenses notmeeting this definition are reported as nonoperating revenues and expenses.When both restricted and unrestricted resources are available for use, it is the government's policy touse restricted resources first, then unrestricted resources as they are needed.44
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Comprehensive Annual Financial Report (CAFR) - Johnson City

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