What is a Modified Balance Sheet?

In preparing the financial outlook for years 2013-2016, all statements are presented using the current financial resources measurement focus for internal reporting purposes. The aim of this approach is to report current inflows, outflows, and balances of expendable financial resources. The balance sheets for the Enterprise Funds have been modified to this measurement focus from that required for CAFR reporting, but the General Fund and Recreation Center amounts are presented the same as the CAFR fund statements. The modified balance sheet also presents the same breakout for Net Position in Enterprise Funds that is required for governmental fund basis reporting on the CAFR. The categories represent net assets or fund balance to be used in some way by the City at that point in time.

Starting in FY 2017, the Financial Outlook presents the Statement of Net Position as displayed in the CAFR.  Currently available resources are then highlighted to illustrate how the City assesses its resource levels.

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1. What is the General Fund?
2. What are the primary General Fund revenue sources?
3. What is the 4th Cent Sales & Use Tax and how is it allocated?
4. What is the 5th Cent Sales & Use Tax (local option) and how is it allocated?
5. We have a 6th cent specific purpose tax (1% SPT local option) in Albany County. Why don’t I see it in General Fund revenue sources? How is this tax being managed?
6. How much debt can the City carry?
7. What are the current types of general fund debt and the terms associated with the debt?
8. What is an Enterprise Fund?
9. What types of enterprise fund debt are held by the City and what are the terms associated with that debt?
10. What determines how much the City can spend?
11. What is the City’s Bond Rating?
12. What is Depreciation? How does the City manage it?
13. What are Fund Balance and Net Position?
14. What do the different components of fund balance mean?
15. What is a Modified Balance Sheet?
16. What are the Days of Operation Reserves?
17. What are the Recreation Center’s primary revenue sources?
18. What is the percent of Cost Recovery for the Recreation Center?
19. What is the Enterprise Fund Shared Services Transfer?
20. How does the City plan its budget for Enterprise Funds?
21. Are the revenues in the Enterprise fund only user fees?
22. How does the Financial Outlook Report differ from the Comprehensive Annual Financial Report (CAFR)?