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COUNTY OF HAWAII <br /> Notes to the Basic Financial Statements <br /> June 30,2005 <br /> account for investment income on funds received from import businesses at the port of <br /> Hilo and the related expenditures to promote health and safety on the Island of Hawaii. <br /> Agency 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. 17 Fund <br /> • Improvement District No. 18 Fund <br /> • Improvement District Revolving Fund <br /> • Improvement District Bond and Interest Redemption Fund <br /> • Performance and Refundable Deposits Fund <br /> • Payroll Clearance Fund <br /> • Flexible Spending Account <br /> • Lapsed Warrants Fund <br /> • Non-Profit License Plates Fund <br /> • Organ and Tissue Education Fund <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(within <br /> 60 days)to be used to pay liabilities of the current period. <br /> Licenses and permits,charges for current services,fines and forfeitures,penalties and <br /> miscellaneous revenues are recorded as revenues when received in cash because they are <br /> generally not measurable until actually received. State Revolving Fund loan proceeds are <br /> considered available when collected. <br /> -48 - <br />