10.01 - Amendments to Finance Policies

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purchase, use, directly benefit from, or are directly affected by the goods, services or privileges provided. These charges are meant to offset the cost associated with the purpose, activity or program. The purpose of this revenue policy is to provide a diversiiied set of revenues to ensure a stable revenue system for the City, to match similar sources and uses to ensure adequate funding for various City services and programs, and to ensure equitable funding among City programs and services. The City will establish user charges and fees at a level relative to the cost of providing these programs and services. The charges and fees will be reviewed on an annual basis. User fees and charges for the enterprise funds (water and sewer) will be set at a level that supports the total direct and indirect costs of the activity. Indirect costs will include depreciation of capital assets and each fund's share of administrative and general government costs incurred by the enterprise fund. For governmental-type funds, the City will record all revenues received within 60 days after year end (that relate to prior year services) as revenues for the prior year fiscal accounting period. D. REPORTING LEVEL — STATEMENT OF ACTIVITIES The government-wide Statement of Activities will report revenues and expenditures at the function level and by government-type and business-type. Revenues from fees, charges, fines and other; operating grants; and capital grants will be broken out by: government-type: general government, public safety, public works, health and welfare, culture and recreation, conservation and economic development, and interest on long term debt, and business-type: water and sewer. General Revenues will be reported together regardless of function. Totals will be separated into government-type and business-type activities. Transfers between government-type and business-type funds will be shown in this section also. E. COMPENSATED ABSENCES Compensated absences will be reported for vested sick leave, vacation, and compensatory time hours. Vacation hours are accrued by regular full-time employees and regular part-time who maintain an average of 20 hours per week. Employees are entitled to carry over, at the end of each year, a maximum total of 120 hours of vacation and compensatory time for regular full-time employees and the prorated maximum for part-time employees. The amount may include up to 80 hours of compensatory -4-