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Assi�ned — Self-imposed limitations of fund balance resulting from intended use. <br />These limitations can be established after year end, up to the date of issuance of <br />the audit report and the authority to determine assigned fund balance can be <br />delegated to someone other than the governing board. <br />Unassi�ned — The residual classification of fund balances for the general fund. <br />Any negative amounts in other governmental funds are reported as unassigned in <br />the applicable fund. <br />The City will commit fund balance in the general fund of up to 50% of the <br />following year's general fund budgeted expenditures for cash flow purposes. <br />J. DEFINITION OF CASH AND CASH EQUIVALENTS <br />Cash and cash equivalents include: cash on hand, demand deposits, and short- <br />term investments with original maturities of 3 months or less from the date of <br />acquisition. <br />K. ALLOWANCE FOR UNCOLLECTIBLE RECEIVABLES <br />Based on past experience, the City is able to collect almost all of its receivables. <br />Amounts uncollectible have been immaterial. Based on this history, the City will <br />only record an allowance for uncollectibles on a case by case basis, if needed. <br />L. ELIMINATION OF INTERNAL ACTIVITY ON THE STATEMENT OF <br />ACTIVITIES <br />The City, as a general rule, eliminates the effect of interfund activity on the <br />government-wide financial statements. The only interfund activities that will be <br />reported on these financial statements are those between the two types of <br />activities: governmental and business-type. <br />M. APPLICATION OF FASB PRONOUNCEMENTS TO BUSINESS-TYPE <br />ACTIVITIES <br />The City generally follows private-sector standards of accounting and financial <br />reporting issued prior to December 1, 1989 for the government-wide and <br />proprietary fund financial statements to the extent that those standards do not <br />conflict with or contradict guidance of the Governmental Accounting Standards <br />Board. The City has the option of following subsequent private-sector guidance <br />for their business-type activities and enterprise funds, subject to the same <br />limitation; however, the city elects not to follow subsequent private-sector <br />guidance. <br />N. SPECIAL AND EXTRAORDINARY ITEMS <br />The City's policy regarding the fnancial reporting for special and extraordinary <br />items is that it will be reported separately on the government-wide financial <br />statements, if applicable, in accordance with the definitions provided in GASB <br />#34. <br />-7- <br />