The Basic Financial Statements
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buttons.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.