C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation

City Commission Meeting · 2026-04-27 · agenda_item

This item concerns the City of St. Augustine's accounting policies for its financial statements, specifically focusing on measurement, basis of accounting, and presentation. It details how revenues and expenses are recorded for different types of funds, including government-wide, proprietary, and fiduciary funds. The document outlines the accrual basis of accounting for most funds, where revenues are recognized when earned and expenses when incurred, and the modified accrual basis for governmental funds, where revenues are recognized when measurable and available. This is a planned agenda item for the City Commission Meeting on April 27, 2026, indicating it is in the early stages of review. While this item does not describe a construction project, it relates to the financial reporting and management of city operations. Businesses involved in financial services, accounting, and legal services may find this relevant for understanding city financial practices. Early engagement with city financial staff could provide insights into future needs or requirements.