Charleston Case Study

1133 Words 5 Pages
The main sources of revenue for North Charleston for the governmental-type activates are charge for services for the general government, public safety, sanitation, and culture and recreation. The other main source for governmental-type activities is operating grants and contributions for public safety, culture and recreation, community development and promotion, and interest on long-term debt. Also, another revenue source for governmental-type activities are capital grants and contributions for the general government, public safety, and community development and promotion. The main sources of revenue for North Charleston for the business-type activities are charges for services for the golf course enterprise fund, and the stormwater utility …show more content…
Revenues from property taxes are recorded as a single amount. The financial statements only show what governmental funds collected the property taxes but does not tell what kind of property taxes that they collected like residential, commercial, vehicle. Property taxes collected by the general fund were $40,627,811 and tax infrastructure collected $8,282,036 and the nonmajor governmental funds collected $3,500,000. The city function that had the greatest amount of directly identifiable revenue is collecting property taxes. The CAFR for North Charleston discusses the accounting basis for recognizing revenues on the fund basis and on the government wide basis. On the fund basis revenues are recognized when they are measurable and available. The revenue is considered measurable when the amount of the transaction can be determined and available when they are collectible in the current period or soon after which is sixty-days after year end for the city. On the government-wide level revenues are recognized when earned and expenses are incurred when a liability is incurred, regardless of the timing of the related …show more content…
I can tell these are capital projects funds because they say in the name of the fund capital project fund. Three of the capital project funds are major. The three major capital project funds are tax infrastructure capital projects fund, citywide capital improvements capital projects fund, and installment purchase revenue bonds capital projects fund. The tax infrastructure capital project fund is used to account for and report the financial resources that are restricted, commited, assigned through proceeds from the sale of tax increment financing bonds and collection of incremental property tax revenues to fund expenditures associated with the purchase of and improvements made to redevelopment areas within the city and to pay for the related debt service. The citywide capital improvements capital projects fund is used to account and report financial resources that are restricted, commited, assigned to the costs of imporvements to various roads and infrastructure and other citywide capital assets owned by the city. The installment purchase revenue bonds capital project fund is used to account for and report the financial resources that are restricted, committed, assigned through proceeds from the sale of installment purchase revenue bonds to fund expenditures associated with the purchase and improvements made to city owned

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