COM 0770.000 2020-2022 - Laserfiche WebLink

Home

COUNTY OF HAWAII Notes to the Basic Financial Statements June 30,2021 Separate financial statements are provided for governmental funds,proprietary funds, and fiduciary funds,even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. Activities in funds—The financial transactions of the County are recorded in individual funds. Each fund is accounted for by providing a separate set of self-balancing accounts that comprises its assets,deferred outflows of resources,liabilities,deferred inflows of resources, reserves, fund equity,revenues and expenditures/expenses. The various funds are reported by generic classification within the financial statements. GASB Statement No. 34,Basic Financial Statements and Management's Discussion and Analysis for State and Local Governments, sets forth minimum criteria(percentage of the assets,deferred outflows of resources,liabilities,deferred inflows of resources,revenues or expenditures/expenses of either fund category or the governmental and enterprise combined) for the determination of major funds. The nonmajor funds are combined in a column in the fund financial statements and detailed in the combining section. The County reports the following major governmental funds: General Fund—The general fund is the general operating fund of the County. It is used to account for all activities of the general government,except those required to be accounted for in other funds. Capital Projects Fund—Used to account for the costs of constructing County capital improvements financed with general obligation bond proceeds, federal and state grants, and general and special revenue fund revenues. The capital projects fund is used to account for financial resources to be used for the acquisition or construction of major general government capital facilities and infrastructure (other than those financed by proprietary funds and trust funds)when separate project centers are needed to control costs. The County reports the following major proprietary funds: Kula`imano Elderly Housing Project—Used to account for the operation of a rental housing project for low-income senior citizens located north of Hilo. Ouli Ekahi Affordable Housing Project—Used to account for the operation of a 33-unit single-family affordable rental housing project located in Waimea. - 50 -