Former Finance Director at city of coatesville
Is the City reporting their Financial Reports in Cash Basis Accounting Method, and why does it matter?
Now based on the above, the following question needs to be raised:
Summary of Statement No. 34Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments (Issued 6/99)
"Governmental fund financial statements (including financial data for the general fund and special revenue, capital projects, debt service, and permanent funds) should be prepared using the current financial resources measurement focus and the modified accrual basis of accounting. Proprietary fund financial statements (including financial data for enterprise and internal service funds) and fiduciary fund financial statements (including financial data for fiduciary funds and similar component units) should be prepared using the economic resources measurement focus and the accrual basis of accounting."