HomeMy WebLinkAboutNC Comprehensive Report (Finance) (33)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
(l) Summary of Significant Accounting Policies, (Continued)
The City reported the following types of major governmental funds:
General Fund
This fund is used to account for resources, which are not required legally or by
sound financial management to be accounted for in another fund.
Housing fund
This fund is used to account for activities of housing assistance and assistance to
low income families.
Section 8 Housing Assistance Special Revenue Fund
This fund is used to account for the activities of Section 8 Housing Assistance
Program. The program provides rental assistance to low income families by
subsidizing a portion of the rent directly to landlords on behalf of low income
households.
Other Special Revenue Fund
This represents a combination of minor and less active funds that the City has
combined for reporting purposes.
Sewer Service Special Revenue Fund
This fund is used to account for the collection of sewer connection fees and
monthly sewer service charges used for the construction and maintenance of City
sewers.
Low and Moderate Income Housing Fund
This fund is used to account for the Community Development Commission 20%
Set Aside.
Community Development Commission Debt Service Fund
This fund is used to account for debt service of the Community Development
Commission.
Redevelopment Capital Project Fund
This fund is used to account for the administrative expenditures of the
Community Development Commission and redevelopment capital projects.
Proprietary Fund Financial Statements
Proprietary fund financial statements include a Statement of Net Assets, a
Statement of Revenues, Expenses and Changes in Fund Net Assets, and a
Statement of Cash Flows for each major proprietary fund.
25