C.A.F.R., FY 2006-07 - Laserfiche WebLink

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The basic governmental fund fmancial statements can be found beginning at Statement 3. Proprietary Funds The City of Paris maintains only one type of proprietary fund. An enterprise fund (the type used by the City of Paris) is used to report the same functions presented as business-type activities in the government-wide financial statements. The City of Paris uses an enterprise fund to account for its water and sewer related activities. Proprietary funds provide the same type of information as the government-wide fmancial statements, only in more detail. The proprietary fund used by the City of Paris is considered a major fund. The basic proprietary fund financial statements can be found beginning with Statement 7 and continuing through Statement 9 of this report. Notes To The 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. The notes to the financial statements can be found immediately after the Statement of Cash Flows-Proprietary Funds in this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City of Paris' progress in funding its obligation to provide pension benefits to its employees. Required supplementary information can be found in Note V in Notes to Financial Statements. Combining and individual fund statements and schedules can be found immediately after the Notes to the Financial Statements in this report. Government-wide Financial Analysis As noted earlier, net assets may serve over time as a useful indicator of a government's fmancial position. In the case of the City of Paris, assets exceeded liabilities by $75,521,643 at the close of the most recent fiscal year. This compares to $72,541,399 for the previous year. By far the largest portion of the City of Paris' net assets (68.90%) reflects its investment in capital assets (e.g., land, buildings, machinery, and equipment). The City of Paris uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City of Paris' investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.