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<br />City of Sunny Isles Beach |Request for Proposal No. 15-12-01 17 <br /> <br />Fund Type/Account Group <br /> Number of Individual <br />Funds <br /> Number With Legally <br />Adopted Annual <br />Budgets <br /> General Fund 1 1 <br /> Storm Water Fund (Enterprise Fund) 2 2 <br /> Capital Improvement Fund 2 1 <br /> Police Forfeiture Fund (Special Revenue) 3 0 <br />Building Fund (Special Revenue) 1 1 <br /> Streets Construction & Maintenance <br />Fund(Special Revenue) 1 1 <br /> Public Art Trust Fund (Special Revenue) <br /> 1 1 <br /> <br /> <br />Budgetary Basis of Accounting <br /> <br />All Governmental Funds are accounted for using the modified accrual basis of accounting. Their <br />revenues are recognized when susceptible to accrual, i.e., when they become measurable and <br />available to pay liabilities of the current period. Ad Valorem taxes, licenses, permits, charges for <br />services, fines and investment earnings are susceptible to accrual. Property taxes are consid ered <br />available when collected in the current year or within sixty (60) days subsequent to September 30, <br />provided that amounts received pertain to billings through the fiscal year just ended. Where grant <br />revenue is dependent upon expenditures by the City, revenue is accrued as the related obligation <br />are incurred. Revenues collected in advance of the year to which they apply are recorded as <br />deferred revenues. A one-year availability period is used for revenue recognition for all other <br />governmental fund revenues. Expenditures under the modified accrual basis of accounting are <br />generally recognized when the related fund liability is incurred and expected to be liquidated with <br />available resources. An exception to this general rule is accrued interest on general lo ng-term debt <br />which is recognized when due. <br /> <br />The Proprietary Fund is accounted for using the accrual basis of accounting. Revenues are <br />recorded when earned and expenses are recorded at the time liabilities are incurred. <br /> <br />Account Groups are used to establish accounting control and accountability for the City's general <br />fixed assets and the un-matured principal of its general long-term obligations. The two (2) accounts <br />are not funds. They do not reflect available financial revenues and related liabilities but a re <br />accounting records of the general fixed assets and general long-term obligations. <br /> <br />Pension Plans <br />