04-27-11 LPRDA/TIRZ - Laserfiche WebLink

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DRAFT 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus. Basis of Accountina and Financial Statement Presentation (Continued) Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenue is recognized as soon as it is both measurable and available. Revenue is considered to be available when it is collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Authority considers revenue to be available if collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, are recorded only when payment is due. The Authority reports the following major governmental fund: The General Fund is the Authority's primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. Private -sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in the government -wide financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. Assets. Liabilities and Net Assets or Eauity Receivables and Payables Property taxes are levied on October 1 and attach as an enforceable lien on property as of January 1. Statements are mailed on October 1, or as soon thereafter as possible, and are due upon receipt. All unpaid taxes become delinquent if not paid before February 1 of the following year. Governmental funds report deferred revenue in connection with receivables for revenue that is not considered to be available to liquidate liabilities of the current period. Governmental funds also defer revenue recognition in connection with resources that have been received, but not yet earned. As of September 30, 2010, the Authority does not have property taxes receivable or deferred revenue. Long --term Obligations In the government -wide financial statements, long-term liabilities are reported as liabilities in the governmental activities statement of net assets. In the fund financial statements, governmental fund types recognize the long-term obligation as other financing sources, during the current period. (continued) r