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2006 Comprehensive Annual Financial Report
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2006 Comprehensive Annual Financial Report
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12/18/2007 10:53:51 AM
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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />The park and recreation fund is used to account for the operation of the City park system. <br />Financing is provided by a specific annual property tax levy to the extent that user fees and <br />miscellaneous revenues are insufficient to provide such financing. <br />The tax incremental financing (TIF) airport fund is used to account for public improvement <br />projects in the airport economic development area. Financing is provided by property tax pro- <br />ceeds inexcess of those attributable to the assessed value of the property in the district before <br />redevelopment. <br />The county option income tax (COIT) fund is used to account for the City's share of the county <br />option income tax. Expenditures include land improvements and purchases of motor equipment. <br />The primary government reports the following major proprietary funds: <br />The water utility fund accounts for the operation of the primary government's water distribution <br />system. <br />The wastewater utility fund accounts for the operation of the primary government's wastewater <br />treatment plant, pumping stations and collection systems. <br />The Century Center fund accounts for the operation and maintenance of the City's convention <br />center. Financing is received from various rental agreements and a subsidy from the St. Joseph <br />County's Special Funds Board of Managers. <br />Additionally, the primary government reports the following fund types: <br />The internal service funds accounts for liability coverage, employee medical coverage, and <br />central services such as fuel, vehicle repairs and various supplies provided to other departments <br />on acost-reimbursement basis. <br />The pension trust funds account for the activities of the 1925 police and 1937 fire pension funds <br />which accumulate resources for pension benefit payments. <br />The private-purpose trust fund reports a trust arrangement under which principal and income <br />benefits cemetery maintenance. <br />Agency funds account for assets held by the primary government as an agent for employee pay- <br />roll, pension, and payroll deductions. <br />Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, <br />generally are followed in both the government-wide and proprietary fund financial statements to the <br />extent that those standards do not conflict with or contradict guidance of the Governmental Account- <br />ing Standards Board. Governments also have the option of following subsequent private-sector <br />guidance for their business-type activities and enterprise funds, subject to this same limitation. The <br />primary government has elected not to follow subsequent private-sector guidance. <br />As a general rule, the effect of interfund activity has been eliminated from the government-wide finan- <br />cial statements. Exceptions to this general rule are payments-in-lieu of taxes and payments of <br />administrative costs. Elimination of these charges would distort the direct costs and program reve- <br />nues reported for the various functions concerned. <br />48 <br />
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