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

City Council · 2026-04-21 · agenda_item

This agenda item concerns the City of West Melbourne's financial reporting practices, specifically focusing on how inter-fund transactions and balances are presented in governmental and business-type activities. The city is reviewing its methods for accounting for activities between different funds, such as special revenue and capital projects funds, and how these are reported in both fund financial statements and government-wide financial statements. This review includes how residual balances, due from/to other funds, and advances to/from other funds are handled, as well as the elimination of certain balances and transfers between funds. The city is also disclosing budgetary information in the notes to its required supplementary information. This item is currently under review by the City Council. The work involves financial analysis, accounting adjustments, and reporting preparation, which may lead to opportunities for accounting professionals and financial consultants to provide services related to governmental accounting standards and financial statement preparation. Early engagement could be beneficial as the city refines its financial presentation processes.