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CITY OF PEQUOT LAKES, MINNESOTA MANAGEMENT'S DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2014 OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) Figure A-2 summarizes the major features of the City's financial statements, including the portion of the City's activities they cover and the types of information they contain. The remainder of this overview section of management's discussion and analysis highlights the structure and contents of each of the statements. Figure A-2 Major Features of the City's Financial Statements Type of Government-Wide Governmental Funds Proprietary Funds Statements Scope Entire City's government The activities of the City that The activities of the City that (except fiduciary funds). are not proprietary or operate similar to private fiduciary. businesses: water and sewer. Required Statement of net position. Balance sheet. Statement of net position. Financial Statement of activities. Statement of revenues, Statement of revenues, Statements expenditures and changes in expenses, and changes in fund balance. net position and statement of cash flows. Accounting Accrual accounting and Modified accrual accounting Accrual accounting and Basis and economic resources and current financial economic resources focus. Measurement focus. resources focus. Focus Type of Asset All assets and liabilities, Only assets and deferred All assets and liabilities, both and Deferred both financial and capital, outflows of resources financial and capital, and short- Outflow of short-term and long-term. expected to be used up and term and long-term. Resources liabilities and deferred /Liability and inflows of resources that Deferred Inflow came due during the year or of Resources soon thereafter, no capital Information assets included. Type of All revenues and Revenues for which cash is All revenues and expenses Inflow/Outflow expenses during year, received during or soon after during the year, regardless of Information regardless of when cash the end of the year, when cash is received or paid. is received or paid. expenditures when goods or services have been received and payment is due during the year or soon thereafter. City-Wide Statements The City-wide statements report information about the City as a whole using accounting methods similar to those used by private-sector companies. The statement of net position includes all of the City's assets and liabilities. All of the current year's revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid. (7)