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COUNTY OF HAWAII <br /> Notes to the Basic Financial Statements <br /> June 30,2021 <br /> The County reports the following fiduciary funds: <br /> Private-Purpose Trust Funds—Used to account for investment income on funds <br /> received from import businesses at the port of Hilo and the related expenditures to <br /> promote health and safety on the Island of Hawaii. <br /> Custodial Funds—Used to account for assets held by the County for other governmental <br /> units and individuals. The agency funds are custodial in nature and do not involve <br /> measurement of results of operations. The County has the following agency funds: <br /> • State Weight Tax Fund <br /> • Improvement District No. 18 Fund <br /> • Improvement District No. 19 Fund <br /> • Improvement District No. 20 Fund <br /> • Improvement District Revolving Fund <br /> • Performance and Refundable Deposits Fund(with balances adjusted pursuant to <br /> GASB 84) <br /> • Flexible Spending Account <br /> • Lapsed Warrants Fund <br /> • Non-Profit License Plates Fund <br /> • Organ and Tissue Education Fund <br /> • Business Improvement District 1-Kailua <br /> Basis of Accounting <br /> Basis of accounting refers to the period in which revenues and expenditures(or expenses) are <br /> recognized in the accounts and reported in the basic financial statements. Basis of accounting <br /> relates to the timing of the measurements made,regardless of the measurement focus applied. <br /> The government-wide financial statements and the proprietary,fiduciary and component unit <br /> fund financial statements are presented on an accrual basis of accounting. The governmental <br /> funds in the fund financial statements are presented on a modified accrual basis. <br /> Accrual Basis-Revenues are recognized when earned and expenses are recognized when the <br /> related obligation is incurred. <br /> Modified Accrual Basis-Revenues are recorded when susceptible to accrual(that is,both <br /> measurable and available). "Measurable" means the amounts are determinable. "Available" <br /> means the amounts are collectible within the current period or soon enough thereafter(one <br /> year for intergovernmental revenues)to be used to pay liabilities of the current period. <br /> - 51 - <br />