C.A.F.R., FY 2008-09 - Laserfiche WebLink

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of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City of Paris maintains nin individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, capital projects fund, and the debt service fund, all of which are considered to be major funds. Data from the other six governmental funds a combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is rovided in the form of combining statements elsewhere in this report. The City of Paris adopts an annual appropriated budget for its general fund. A budgetary comparison statement has been provided for the general fund to demonstrate compliance with this budget. The basic governmental fund financial statements can be found immediately after the Independent Auditors' Report. 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 pre ented as business-type activities in the government-wide financial statements. The City of Paris uses an enterprise fund to count for its water and sewer related activities. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund used by the Ci 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 Ci 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 the Financial Section. Combining and individual fun 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 financial position. In the case of the City of Paris, assets exceeded liabilities by $80,075,588 at the close of the most recent fiscal year. This compares to $77,557,048 for the previous y ar. Increases in charges for services and capital grant revenue/contributions plus the regular pay down of long-term debt acc unt for most of this increase. By far the largest portion of the City of Paris' net assets (66.12%) reflects its investment in capital assets (e.g., land, buildings, machinery, and eq ipment). 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 hemselves cannot be used to liquidate these liabilities. 5