Agenda Packet 12-9-19 Meeting - Laserfiche WebLink

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Governmental funds. Governmental funds are used to account for activities where emphasis is placed on available financial resources, rather than upon net income determination. Therefore, unlike the government-wide financial statements, governmental fund financial statements focus on the acquisition and use of current spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financial decisions. Both the governmental funds Balance Sheet and the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. These reconciliations can be found on Exhibits 3 and 5 of this report. The Agency maintains two taxing districts: the Downtown District and the Riverfront District. The Agency maintains six individual governmental funds to account for these two districts: a general fund, a debt service fund, and a capital projects fund for the Downtown District; and a special revenue operating fund, a program revenue fund, and a capital projects fund for the Riverfront District. Each fund is presented separately in the governmental funds Balance Sheet and in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. For narrative on the funds and projects see the Urban Renewal Agency section of the City’s adopted budget. The basic governmental fund financial statements can be found on Exhibits 3 and 4 of this report. Notes to the basic financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. They are an integral part of the financial statements and should be read in conjunction with them. Required supplementary information. The Agency adopts an annual appropriated budget for all its funds. To demonstrate compliance with the budget, budgetary comparison statements have been provided for the General Fund and the Riverfront Special Revenue Fund as required supplementary information. Government-wide Financial Analysis The Agency’s assets exceeded liabilities by $28,110,616 at the close of the most recent fiscal year compared to a net position of $23,008,340 in the previous year. A portion of the Agency’s net position (16.8%) reflects its investment in capital assets. The Agency uses these capital assets to plan and develop designated properties within the urban renewal district boundaries. Consequently, these assets are not available for future spending. The remaining balance of net position ($23,391,069) may be used to meet the government’s ongoing obligations, in accordance with the Urban Renewal Plans of the two districts and subject to fund limitations. 8 December 9, 2019, Meeting - Item 3CC Agenda - Page 248