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21 <br />City of Elk River <br />Management’s Discussion and Analysis <br /> <br /> <br />OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) <br /> <br />Figure 2 <br />Major Features of the Government-wide and Fund Financial Statements <br /> <br /> Fund Financial Statements <br /> Government-Wide <br />Statements <br /> <br />Governmental Funds <br /> <br />Proprietary Funds <br />Scope Entire City government <br />and the City’s <br />component units <br />The activities of the City that <br />are not proprietary or <br />fiduciary, such as police, fire <br />and parks <br />Activities the City operates <br />similar to private businesses, <br />such as the water and sewer <br />system <br />Required <br />financial <br />statements <br /> Statement of Net <br />Position <br /> Statement of <br />Activities <br /> Balance Sheet <br /> Statement of Revenues, <br />Expenditures and Changes <br />in Fund Balances <br /> Statement of Net Position <br /> Statement of Revenues, <br />Expenses and Changes in <br />Net Position <br /> Statement of Cash Flows <br />Accounting basis <br />and <br />measurement <br />focus <br />Accrual accounting and <br />economic resources <br />focus <br />Modified accrual accounting <br />and current financial <br />resources focus <br />Accrual accounting and <br />economic resources focus <br />Type of <br />asset/liability <br />information <br />All assets and liabilities, <br />both financial and <br />capital, and short-term <br />and long-term <br />Only assets expected to be <br />used up and liabilities that <br />come due during the year or <br />soon thereafter; no capital <br />assets included <br />All assets and liabilities, <br />both financial and capital, <br />and short-term and long- <br />term <br />Type of <br />deferred <br />outflows/inflow <br />s of resources <br />information <br />All deferred <br />outflows/inflows of <br />resources, regardless of <br />when cash is received or <br />paid <br />Only deferred outflows of <br />resources expected to be <br />used up and deferred inflows <br />of resources that come due <br />during the year or soon <br />thereafter; no capital assets <br />included <br />All deferred <br />outflows/inflows of <br />resources, regardless of <br />when cash is received or <br />paid <br />Type of <br />inflow/outflow <br />information <br />All revenues and <br />expenses during year, <br />regardless of when cash <br />is received or paid <br />Revenues for which cash is <br />received during or soon after <br />the end of the year; <br />expenditures when goods or <br />services have been received <br />and payment is due <br />during the year or soon <br />thereafter <br />All revenues and expenses <br />during the year, regardless <br />of when cash is received or <br />paid <br />Page 142 of 464