Financial- Standard and Poor's (1-2 Files)

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~ _ ~ : .. : . , . _ . . ~ :~ ~,k.,.; MARION COUNTY, OREGON NOTES TO THE COMBINED FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 1993 NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTIf~G POLICIES: The following is a snmmaty of significant axounting policies utiliud by the County in the proparation of the aocompanying finaacial statemeats.. Basis of Accountina The following fund types are preseated oa the modified accn~al basis of Looouating: Govemmeatsl funds: Geaaal Fund - Special Rev~~u Funds Debt Service Fund Gpital Project Fund Fiduciary funds: Ag~cy Funds Under the modifial accrual basis of acoounting, rev~ues are recogniud whm both measurable and available to finanx cunrat operations. Facpenditures are recognized in the accounting period in which the fund liability is incurned auxpt for the recognition of earned but unpaid vaaitions, which are recorded as axpemditures when they are to. be financed by available resouroes, and ~mmatured interest on ~enl l~g-term debts, whicl~ is recognized when due. Significant ravenues wluch are measurable md available under the modifial acorual basis of ~ntin~ ue as follows: • Property taxes collectod withia sixty days of year-ead. • Fede,ral and state financial assistaace (to the extent that related expardituns which are eGgibla for reimbucsement have baen incurred). • Shared state revenue. TLe governmentai fiwd measurement focus is on determination of financisl position and changes in financial position (soum,es, uses, and balances of financial resources), nther than on net income determinatioa. The County's Agency Funds have measurement focuses in accordance with their purpose. Age,acy Funds are purely custodiat (assets equal liabilities) and do not iavolve the messureme.nt of opentions. The following proprietary fund types at~e presented on the accrual b~sis of acxounting: Entecprise Funds Inteinal Service Funds Under the accrual basis of accounting, roveaues are recorded at the time they are eacned and expeaditures are recorded at the time liabitities are incurred. The measurement focus of the proprietary funds is on determination of net income, financial position and cash flows. T6e bases of accounting described above are in accordance with generally accepted accounting principles. Certain reclassifications have been made to prior year balances for the purpose of comparability. -9-