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Dept of Finance - Audited Financial Statements
The City of Meridian has the following funds:
Governmental Funds:These funds encompass the City’s basic services, public safety, community planning and development, administration, and parks and recreation.Governmental fund financial statements focus on short-term inflows and outflows of spendable resources, an accounting approach known as the flow of current financial resources measurement focus and the modified accrual basis of accounting.Information provided by these statements provides a short-term view of what resources will be available to meet needs.
The City of Meridian has two governmental funds:
General Fund – The general fund is the general operating fund of the City.It derives most of its income from property tax and funds the operations of the City.It includes the Development Services Fund, used to account for revenue and expenses of the community planning and development function and the Park Impact Fee Fund, used to account for the park impact fee revenue and park development costs.
Capital Projects Fund – The Capital Projects Fund is used to account for financial resources to be used for the acquisition of major capital facilities.
Proprietary Fund:User fees finance activities in these funds.The City of Meridian only has one type of propriety fund, the enterprise fund.The water and sewer utilities and all the activities necessary to support their operation are accounted for in this fund. Accounting for this fund is the same as a private business on a full accrual basis.
Financial Highlights
• The total assets of the City exceeded its liabilities at September 30, 2007 by $249,914,430. Of this amount $59,395,129 is unrestricted and available to meet the City’s on-going obligations to citizens and creditors.
• During fiscal year 2007 the City’s total net assets increased $27,354,248 as compared to an increase of $28,324,821 during fiscal year 2006. Net assets of the governmental activities increased $11,389,033 and net assets of business type activities increased $15,965,215.
• Total fund balance of governmental funds at September 30, 2007 was $28,939,045 compared to a total governmental fund balance at September 30, 2006 of $28,636,821. Of the September 30, 2007 balance, $1,975,485 is reserved for park, police, and fire impact fee capital expenditures, $3,460,064 is reserved for capital projects, and $400,000 is reserved due to a long-term lease agreement, and $51,374 is designated for fire truck purchases. The remaining $23,052,122 is unreserved.
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