Finance Committee - Agenda - 8/17/2022 - P58
e¢ The Solid Waste Enterprise Fund that accounts for the resources and costs associated
with the City’s landfills.
The City’s self-insurance programs are reported as an internal service fund in the
accompanying financial statements.
The fiduciary fund financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting. Under this method, revenues are
recognized when earned and expenses are recorded when liabilities are incurred.
The City reports the following fiduciary funds:
e The Pension Trust Fund accounts for the activities of the Board of Public Works
Employees Contributory Retirement System, which accumulates resources for pension
benefit payments to qualified employees. No separate issue financial statement is
available.
e The Private-Purpose Trust Fund is used to account for trust arrangements, other than
those properly reported in the pension trust fund or permanent fund, under which
principal and investment income exclusively benefit individuals, private organizations,
or other governments.
© The Custodial Fund is used to account for fiduciary assets held by the City in a custodial
capacity as an agent on behalf of others and are not required to be reported elsewhere
on the financial statements. Custodial funds include taxes and fees collected on behalf
of other governments.
Cash and Investments
Cash balances from all funds, except those required to be segregated by law, are combined
to form a consolidation of cash. Cash balances are invested to the extent available, with the
exception of such cash necessary to maintain adequate liquidity, and interest earnings are
recognized in the general fund. Certain special revenue, proprietary, and fiduciary funds
segregate cash, and investment earnings become a part of those funds.
Deposits with financial institutions consist primarily of demand deposits, money-market
funds, and savings accounts. A cash and investment pool is maintained that is available for
use by all funds. Each fund’s portion of this pool is reflected on the combined financial
statements under the caption “cash and short-term investments”. The interest earnings
attributable to each fund type are included under investment income.
For purpose of the statement of cash flows, the proprietary funds consider investments with
original maturities of three months or less to be short-term investments.
Where applicable, fair values are based on quotations from national securities exchanges,
except for certain investments that are required to be presented using the net asset value
(NAV). The NAV per share is the amount of net assets attributable to each share of capital
stock outstanding at the close of the period. Investments measured at the NAV for fair value
are not subject to level classification.
50)
