The Basic Financial Statements

Basic Financial Statements – State and Local Governments

The basic financial statements of state and local governments include four sets of financial statements.

Government-wide statements – Statement of Net Position and Statement of Activities that report on the government as a whole and with a long-term focus.

Fund Statements, including the:

• Governmental fund statements – the Balance Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balance report on activities financed with revenues from taxes, intergovernmental transfers, and other non-exchange or non-market transaction-based revenue sources with a short-term focus.
  
  
• Proprietary fund statements – the Statement of Net Position, Statement of Revenues, Expenses, and Changes in Net Position, and Statement of Cash Flows report on business-type activities of the government that are financed primarily with user charges and fees with a long-term focus.
  
  
• Fiduciary fund statements – the Statement of Net Position and Statement of Changes in Net Position that account for funds held by the government in a trustee or agency capacity.