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CITY OF SUNNY ISLES BEACH, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS <br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCL4L STATEMENT <br />PRESENTATION (CONTINUED) <br />Revenues for building permits are recognized as the required inspections are completed, or <br />after the permit expires. Issued building permits requiring an inspection expire after 180 <br />days of inactivity. All other revenue items are considered to be measurable and available <br />only when cash is received by the City. <br />The City reports the following major governmental funds: <br />• The General Fund is the City's primary operating fund. It accounts for all <br />financial resources of the general government, except those required to be <br />accounted for in another fund. <br />• The American Rescue Plan Fund is used to account for the restricted funds <br />provided by the American Rescue Plan Act of 2021, which were released by <br />the U.S. Department of Treasury. <br />• The General Capital Projects Fund accounts for the acquisition of equipment <br />and construction of major capital projects not being financed by proprietary <br />funds. <br />• The Law Enforcement Trust Fund is used to account for revenues received <br />from federal, state and local law enforcement forfeitures and seizures, which <br />are restricted for use for law enforcement purposes with no adopted budget. <br />The City reports the following major proprietary fund: <br />• The Stormwater Fund is used to account for the provision of stormwater <br />maintenance and capital improvements to the residents and commerce of the <br />City. <br />As a general rule, the effect of interfund activity has been eliminated from the government - <br />wide financial statements. Exceptions to this general rule are payments -in -lieu of taxes and <br />other charges between the City's utilities function and various other functions of the City. <br />Elimination of these charges would distort the direct costs and program revenues reported <br />for the various functions concerned. <br />28 <br />