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City of Elk River <br />Management's Discussion and Analysis <br />OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) <br />Figure 2 <br />Major Features of the Government -wide and Fund Financial Statements <br />Fund Financial Statements <br />Government -Wide <br />Statements <br />Governmental Funds <br />Proprietary Funds <br />Scope <br />Entire City government <br />The activities of the City that <br />Activities the City operates <br />and the City`s <br />are not proprietary or <br />similar to private businesses, <br />component units <br />fiduciary, such as police, fire <br />such as the water and sewer <br />and parks <br />system <br />Required <br />• Statement of Net <br />• Balance Sheet <br />• Statement of Net Position <br />financial <br />Position <br />. Statement of Revenues, <br />• Statement of Revenues, <br />statements <br />• Statement of Activities <br />Expenditures and Changes <br />Expenses and Changes in <br />in Fund Balances <br />Net Position <br />• Statement of Cash Flows <br />Accounting <br />Accrual accounting and <br />Modified accrual accounting <br />Accrual accounting and <br />basis and <br />economic resources <br />and current financial resources <br />economic resources focus <br />measurement <br />focus <br />focus <br />focus <br />Type of <br />All assets and liabilities, <br />Only assets expected to be <br />All assets and liabilities, both <br />asset/liability <br />both financial and <br />used up and liabilities that <br />financial and capital, and <br />information <br />capital, and short-term <br />come due during the year or <br />short-term and long-term <br />and long-term <br />soon thereafter; no capital <br />assets included <br />Type of <br />All deferred <br />Only deferred outflows of <br />All deferred outflows/inflows <br />deferred <br />outflows/inflows of <br />resources expected to be used <br />of resources, regardless of <br />outflows/inflo <br />resources, regardless of <br />up and deferred inflows of <br />when cash is received or paid <br />ws of <br />when cash is received or <br />resources that come due <br />resources <br />paid <br />during the year or soon <br />information <br />thereafter; no capital assets <br />included <br />Type of <br />All revenues and <br />Revenues for which cash is <br />All revenues and expenses <br />inflow/outflow <br />expenses during year, <br />received during or soon after <br />during the year, regardless of <br />information <br />regardless of when cash <br />the end of the year; <br />when cash is received or paid <br />is received or paid <br />expenditures when goods or <br />services have been received <br />and payment is due <br />during the year or soon <br />thereafter <br />21 <br />