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

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NOTE 3- BUDGETS AND BUDG.ETARY ACCOUNTING ICONTINU€D1: S. A desiguated grant roxived during the fiscal year will wwmtacxlly incra~ae the budget of the various funds when it is acxepted by the Board of Commissioners. 6. Formal budgetary integrati~ is employed as a manaYemeat oontrol device during tbe year for the Gene~ai, Special Rev~ue. Debt Servix, Gpital Project, Entetprise and Internal Servix Funds. ' 7. Budgets for t6e Geaual, Special Revenue, Debt Servioa. and C~pital Project Funds are adopted ~ a basis ~ oonsistent with generally aocepted acxounting principles (GMP). euoept t6at vacati~ pay is not rxogniud until paid to employees. Budgeta for the Entesprise and Internal Servicx Funds are adopted on a bASis consirteat with GAAP exoept that deprxiati~ and vacstion pay are not recogni~ed. 8. Appropriations lapse at tha end of the fiscal yar. 9. Budget amouats p~+e~ented in the acoompanYinB financial atatemeats are as otiginally adopted or as ameaded by subsequwt transfers and/or cupplemmtal budgets. TTba Counh' ~P~ ~PPlemeatal budgets aad numerous appropriation traosfers duriag the year. See Note 4 for a reconciliatioa of budgetary amounts W the generally axepted ac~uating principles basis amounts. NOTE 4- RECONCILIATION OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS TO BUDGETARY BASIS: The budget of the County is prepared differently from generally aooepted aocountiag Principles. Th~+efore, the Combined Statemeat of .Revmues, Expe~ndituras aad Changes in Fund Balance~s (Bud~uy Basis) - Budg~ md AMual - All Governmeatal Fund Types is preseated on the budgetary basis, usia~ ~dgetarp e~pendihu+e cxtegories. aad is adjusted to the Combined Statemec-t of Reveaues~ Eapenditures and Changes in Fund Balanoes - AU Govecnmeatal Fund Types. The following is a rxonciliation of We differeaces betweea the bvd~tary bisis and ~e~a~lly aooepted aoc~mting principks basis for the excess of reveaues and other sources over (underj expeaditures and other uaes for the aforemeationed combined financial statements: ~ Special Debt GpiW Genera) Revenue Servioe Project Ezcess of revenues and other sources over (uader) eatpenditures and other ~ses - Generally accepted accounting principles basis Expenditures: Change in vacation pay accural Change in eavironmental liability Ezcess of revenues and ot6er soure~ over (under) expenditures and other uses - Budgetary basis NOTE 5• CASH AND INVESTMENTS: S 362,510 17,'723 80 233 S (2,845,45~ S 642,486 8,052 325.450 a r2.~ 6a2 as6 S 3,045 ~ Cash and investments include cash and short-term, highly liquid investmeats that ara both readily convertible to known amounts of cash and so near their maturity that they present insigni6cant risk of changes in value because of changes in interest rates. Marion County pools virtually all funds for investment purposes. Each fund type's portion of this pool is displayed on the combined balance sheet as "Cash and investments." . -17-