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

Home Browse Search

- ~~ NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES tCONTINUEDI: Reserved Fund Balance Special Revenue Funds' fund balances are reser~+ed for the purposes set forth in their description of operation (as stated in Note 2). The Debt Service Fund's fund balance is reserved for the paytnent of bondal debt. The Capital Projact Fund's fund balance is res~rved for t6e constniction of the restitution ceater / Sheriffs subststion facilicy. Encumbrances Unfilled purchase orders are not held opm at June 30. lnste~d, they are rebudgeted in the er~suing yesr's budget. Individual Fund Cash Overdraws Cash overdraws, if any, ia individual funds are recorded in that fuad as an intecfimd piyable: The overdraws are covered by the Geaeral Fund, w}uch racords a co~reaponding interfund rxeivabla . Vacation and Sick Pav Vacation pay is ra:orded as an expeaditure in the goveinmental fund types whea the amounts, if my, aro expectod to be liquidated with expeadable available resources. Other vacation pay which has beea earned is rxorded in the General Long- term Obligations Account Group. The amount of accumulated vacation psy is co~sid~red normal. Vacation pay is recorde~ as an expease of the proprietary fund types wh~ earned. Sick pay is rec~orded wh~ leave is tak~a because it does not vest when earnod. Cash Fiow Statement For purposes of the statement of cash flows, the proprietary fund types consider all lughiy liquid investments with a maturity of three months or less when purchased to be cash equivalents. Accordingly, all County investments are considered to be cash equival~ts. Totais (Memorandum Oniv1 Columns The "Totals (Memorandum Only)" c~olmm~s on the Combined Financial Statements are presentod to facilitate financial analysis and to provide an understanding of changes in the Connty's finaucial position and opera6ons. Data in these colmm~s do not present financial position, resuits of operations or cash flows in conformity with g~lly accepted accounting prin- ciples. Neither is such data comparable to a consolidation. Intetfvnd eliminations hsve not beea made in the aggregation of this data. NOTE 2- ORGANIZATION AND DESCRIPTION OF FUNDS: Marion Couaty is orgaaized under the general laws of the State of Oregon as a"non-home rule" county. The County is govemed by the Board~ of County Commissioners consisting of three elocted members. The General Fund is administered by departments. The Assessor, Clerk, District Attomey, Justices of t6e Peace, Sberiff~ Surveyor and Treasurer are elected departmeat heads, while all other department heads are appointe~l by the Commissioners. The General Fund accoants for all activities not raquired to be accounted for in other fimds. T6e Special Revenue Funds account for activities associated with specific restricted revwue sources. The Debt Service Fund accounts for the repayment of general obligation debt and the related resources. The Ca itap al Project Fund accounts for a spacific jail construction project and will be closed upon completion of the facility. The Enter~rise Funds account for activities t6at are predoaunantly self- supporting which render service to the public on a user charge basis. The Internal Service Funds account for activities that benefit other units of the County's govemment, and are intended to be self-sustaining through c6arges to users. The A enc Funds account for funds held by the County in a fiduciary capacity. The General Fixed Assets Account Groun records the cost of fixed assets benefiting the Couaty in general, and the General Long-term Obligations Account Groua ra:ords the general obligations of the County. -12-