C. Measurement focus, basis of accounting and financial statement presentation

City Council Meeting · 2026-04-28 · agenda_item

This agenda item concerns the accounting and financial reporting methods for the City of Groveland. It details how the city records revenues and expenses, distinguishing between government-wide statements and fund statements. The document explains the use of economic resources and accrual basis for government-wide reporting, and current financial resources with modified accrual for governmental funds. It also outlines the specific funds used, including the General Fund, Community Redevelopment Agency Fund, Construction Fund, and the Water and Sewer System Fund. This item is currently under review as part of the city's financial statement preparation. The scope of work involves financial analysis, accounting adjustments, and reporting. This process could involve accounting firms, financial consultants, and software providers specializing in government accounting. Engaging early could provide an advantage before final reporting and auditing procedures are set.