The City of Quincy reports financial activity in accordance with the Cash Basis Budgeting, Accounting and Reporting System (BARS) Manual prescribed by the State Auditor’s Office under the authority of Washington State law, Chapter 43.09RCW. Financial transactions of the government are reported in individual funds. Each fund uses a separate set of self-balancing accounts that comprises its cash and investments, revenues and expenditures. The government’s resources are allocated to and accounted for in individual funds depending on their intended purpose. Each fund is reported as a separate column in the financial statements.
The following fund types are used:
GOVERNMENTAL FUND TYPES:
This fund is the primary operating fund of the government. It accounts for all financial resources except those required or elected to be accounted for in another fund.
Special Revenue Funds
These funds account for specific revenue sources that are restricted or committed to expenditures for specified purposes of the government.
Capital Projects Funds
These funds account for financial resources which are restricted, committed, or assigned for the acquisition or construction of capital facilities or other capital assets.
PROPRIETARY FUND TYPES:
These funds account for operations that provide goods or services to the general public and are supported primarily through user charges. These are rate driven funds which include the Water, Sewer, Reuse, Industrial Sewer and Refuse funds. Rates are set based upon the cost of running and maintaining the service.
Internal Service Funds
These funds account for operations that provide goods or services to other departments or funds of the government on a cost reimbursement basis. The City uses these funds for Fleet Maintenance, Insurance and Central Services within the City.
FIDUCIARY FUND TYPES:
Fiduciary funds account for assets held by the government in a trustee capacity or as an agent on behalf of others