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CITY OF EUGENE, OREGON
<br />Notes to Basic Financial Statements
<br />(1) Summary of Significant Accounting Policies, continued
<br />(D) Measurement Focus, Basis of Accounting, and Financial Statement Presentation, continued
<br />Governmental Fund Financial Statements, continued
<br />Real and personal property taxes are levied as of July 1 for each fiscal year on values assessed as of January 1.
<br />Property taxes are an enforceable lien on both real and personal property as of July 1 and are due and payable in
<br />three installments on November 15, February 15, and May 15. All property taxes are billed and collected by Lane
<br />County and remitted to the City. In the governmental fund financial statements, property taxes are reflected as
<br />revenues in the fiscal period for which they were levied, provided they are due, or past due and receivable within the
<br />current period, and collected within the current period or expected to be collected soon enough thereafter to be used
<br />to pay liabilities of the current period (60 days). Otherwise, they are reported as deferred inflows of resources.
<br />Property taxes which are held at year-end by the collecting agency, Lane County, and are remitted to the City within
<br />the 60-day period are reported as "Due from other governments."
<br />Intergovernmental revenues are recognized as revenues when all eligibility requirements are met. There are,
<br />however, essentially two types of intergovernmental revenues. In one, monies must be expended on the specific
<br />purpose or project before any amounts will be paid to the City; therefore, all eligibility requirements are determined to
<br />be met when the underlying expenditures are recorded. In the other, monies are virtually unrestricted as to the
<br />purpose of the expenditure and are usually revocable only for failure to comply with prescribed requirements;
<br />therefore, all eligibility requirements are determined to be met at the time of receipt or earlier if the susceptible to
<br />accrual criteria are met.
<br />Licenses and permits, charges for services, fines and forfeits, and miscellaneous revenues (except investment
<br />earnings) are recorded as revenues when received in cash because they are generally not measurable until actually
<br />received. Investment earnings are recorded as earned since they are measurable and available. Rental income is
<br />typically received in advance and is reported as unearned when appropriate.
<br />Special assessments receivable and repayment of revolving loans expected to be collected within 60 days after year-
<br />end are considered measurable and available and are recognized as revenue.Assessment installments that are
<br />long-term are recorded as deferred inflows of resources.
<br />Governmental Funds
<br />Governmental funds finance most governmental functions of the City. The acquisition, use, and balances of the City's
<br />expendable financial resources and the related liabilities, excluding those accounted for in proprietary funds, are
<br />accounted for through governmental funds. The measurement focus is upon determination of changes in current
<br />financial resources, rather than upon net position determination. The following are the City's major governmental
<br />funds:
<br />General Fund
<br />The General Fund is the general operating fund of the City. It is used to account for all financial resources
<br />except those required to be accounted for in another fund. Principal sources of revenue are property taxes,
<br />charges for services, licenses and permits, and intergovernmental revenues. Primary expenditures of the
<br />General Fund are made for fire and emergency medical services, library, recreation, and cultural services,
<br />planning and development, police, public works, and general administration.
<br />Community Development Fund
<br />The Community Development Fund is used to account for proceeds of specific revenue sources that are
<br />restricted, committed, or assigned, including grant revenues received from the federal government under
<br />provisions of Title I of the Community Development Act of 1974. Major expenditures include development loans
<br />to individuals and businesses, as well as capital improvements benefiting low-income persons.
<br />General Capital Projects Fund
<br />The General Capital Projects Fund is used to account for the financial resources that are restricted, committed,
<br />or assigned for capital outlay including construction of capital facilities not financed by proprietary or other capital
<br />projects funds. General Fund transfers, federal and state grants, and bond proceeds provide the financing for the
<br />expenditures of this fund.
<br />continued
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