HomeMy WebLinkAboutNC Comprehensive Report (Finance) (30)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies, (Continued)
National City Joint Powers Financing Authority - The National City Joint
Powers Financing Authority (the "NCJPFA") was created pursuant to a
joint exercise of powers agreement entered into by and between the City
and the CDC on April 16, 1991. The purpose of such agreement was to
provide for the financing and construction of a new police facility and a
new community center. The NCJPFA is administered by a commission
consisting of the members of the City Council and all voting power of the
NCJPFA resides in the commission. The NCJPFA exclusively benefits the
City. There are no separate financial statements available.
Parking Authority of the City of National City - In July 1977, the Parking
Authority of the City of National City (the "Authority") was activated
pursuant to the Parking Law of 1949 for the financing and construction of
the Plaza Bonita Parking Facility. The City Council is the governing
board of the Authority. The Authority exclusively benefits the City. The
capital assets of the Authority have been included in the Government -
Wide Financial Statements. There are no separate financial statements
available.
B. Basis of Accounting and Measurement Focus
The accounts of the City are organized on the basis of funds, each of which is
considered a separate accounting entity. The operations of each fund are
accounted for with a separate set of self -balancing accounts that comprise its
assets, liabilities, fund equity, revenues, and expenditures or expenses, as
appropriate. Governmental resources are allocated to and accounted for in
individual funds based upon the purposes for which they are to be spent and the
means by which spending activities are controlled.
Government -Wide Financial Statements
The City's Government -Wide Financial Statements include a Statement of Net
Assets and a Statement of Activities and Changes in Net Assets. These
statements present summaries of governmental and business -type activities for the
City accompanied by a total column. Fiduciary activities of the City are not
included in the Government -wide statements.
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