Item 3C: Resolution on FY11 CAFR

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CITY OF EUGENE, OREGON Notes to Basic Financial Statements (1) Summary of Significant Accounting Policies, continued (D) Measurement Focus, Basis of Accounting, and Financial Statement Presentation, continued Governmental Funds Governmental funds finance most governmental functions of the City. The acquisition, use, and balances of the City's expendable financial resources and the related liabilities, excluding those accounted for in proprietary funds, are accounted for through governmental funds. The measurement focus is upon determination of changes in current financial resources, rather than upon net income determination. The following are the City's major governmental funds: General Fund The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Principal sources of revenue are property taxes, charges for services, licenses and permits, and intergovernmental revenues. Primary expenditures of the General Fund are made for fire and emergency medical services, library, recreation, and cultural services, planning and development, police, public works, and general administration. Community Development Fund The Community Development Fund is used to account for proceeds of specific revenue sources that are restricted, committed, or assigned to expending including; grant revenues received from the federal government under provisions of Title I of the Community Development Act of 1974. Major expenditures include development loans to individuals and businesses, as well as capital improvements benefiting low- income persons. General Capital Projects Fund The General Capital Projects Fund is used to account for the financial resources that are restricted, committed, or assigned to expending for capital outlay including; construction of capital facilities not financed by proprietary or other capital projects funds. General Fund transfers, federal and state grants, and bond proceeds provide the financing for the expenditures of this fund. Systems Development Capital Projects Fund The Systems Development Capital Projects Fund is used to account for resources that are restricted, committed, or assigned for construction of the non-assessable portion of capacity-enhancing capital projects. Financing is provided by a systems development charge levied against developing properties. Expenditures are restricted by state law to capacity-enhancing projects for the following systems: transportation, sanitary sewers, storm sewers, and parks facilities. Proprietary Funds Proprietary funds are used to account for the City's ongoing operations and activities which are similar to those found in the private sector. The measurement focus is upon the determination of net income. The following are the City's major proprietary funds: Ambulance Transport Fund The Ambulance Transport Fund accounts for the operation of emergency medical services provided to the public. Revenues are provided by user charges. continued 38