Accounting And Budgetary Basis

Fiscal year 2023/24 - 2024/25

The modified accrual basis of accounting is used by all General, Special Revenue, and Capital Projects Funds. This means that revenues are recognized when they become both measurable and available. Measurable means the amount of the transaction can be determined and available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when liabilities are incurred, except that principal and interest payments on long-term debt are recognized as expenditures when due. The accrual basis of accounting is utilized by all Enterprise Funds. This means that revenues are recorded when earned and that expenses are recorded at the time liabilities are incurred.


The City’s basis for budgeting is consistent with accounting principles generally accepted in the United States of America and with the City’s financial statements as presented in the Annual Comprehensive Financial Report (ACFR). Exceptions are as follows:


• Capital expenditures within the Enterprise Funds are recorded as assets on an accounting basis but are shown as expenditures on a budgetary basis.

• Depreciation of capital assets and amortization of various deferred charges are recorded on an accounting basis only.

• Principal payments on long-term debt within the Enterprise Funds are applied to the outstanding liability on an accounting basis but are shown as expenditures on a budgetary basis.


Funds are appropriated for all of the City’s funds (General, Special Revenue, Enterprise, etc.).