83-47 AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT

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- . . E�°b1�`�t��len � 'revenues. Sales tax proceeds are received monthly and real property taxes are collected twice annually. Consistent with anticipated operating cash needs, the City invests the maximum amount of its available funds in interest bearing securities. Such investments are made in accordance with State statutes. and the policies established by the City's Investment Advisory Committee. At April 30, I983, approximately 100.57 of such available funds were so invested. During fiscal 1983, the City's interest receipts from such investments were approximately $5 million. The City Treasurer has custody of all monies deposited with the City and, along with the Director of Finance, is responsible for cash management. Fund Structure and Accounts The General Fund is the genera2 operating fund for the City and is used to account for all financial resources except those accounted for in another fund. During fiscal 1983 approximately X of the City's revenues and expenditures were accounted for in the General Fund. The General Fund and the other funds and accounts of the City are more fully described in Appendix A, "Financial . Statements." Basis of Accounting The City's Governmental Funds and its Expendable Trust Funds are accounted for using the modified accrual basis of accounting, with revenues recognized when they become measurable and available as net current assets, and expenditures recognized when the related fund liability is incurred. Exceptions normally applied by the City to such basis for expenditure recognition include accumulated unpaid vacation, sick pay and other employee amounts which are not accrued, and principal and interest on long-term debt, which are not recognized until due. The City's Proprietary Funds and its Pension Trust Funds are accounted for using the accrual basis of accounting, with revenues when earned and expenditures recognized when incurred. 1978-83 Financial Operations The General Fund accounts for most basic services provided by the City. , The ma jor revenue source for the General Fund is the State municipal sales tax. Fund balance carry forwards are a significant factor in the financial condition of the General Fund since the City does not maintain a working cash fund and it annually budgets expenditure of all revenues. For the five most recent fiscal , years, fund balance carry forwards have ranged from $ to $ . �� The following table presents a summary of operations, prepared on a cash basis, for the City's General Fund for its five most recent fiscal years, together with projected General Fund operations for fiscal 1983 as reflected in the cash basis budget for that year. See Appendix A, "Financial Statements," particularly the Notes thereto, for a discussion of differences from generally accepted accaunting principles of the City's budgeting on the cash basis rather than on the modified accrual basis, and for comparisons for fiscal 1982 of the City's actual results of operations on a cash basis with operations on the modified accrual basis and with that year's cash basis budget. 4