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WPCA - Back to Basics

WPCA - Back to Basics. Gerry Paradis. WPCA Funds. Two Financial Statement Presentations Special Revenue Fund – Modified Accrual Enterprise Fund – Full Accrual. WPCA Funds. Special Revenue Fund Modified Accrual Includes only short term assets and short term liabilities

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WPCA - Back to Basics

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  1. WPCA - Back to Basics Gerry Paradis

  2. WPCA Funds • Two Financial Statement Presentations • Special Revenue Fund – Modified Accrual • Enterprise Fund – Full Accrual

  3. WPCA Funds Special Revenue Fund • Modified Accrual • Includes only short term assets and short term liabilities • Does not include debt • Does not include capital assets

  4. WPCA Funds Special Revenue Fund, continued • Revenue recognition – 60 day accrual • Expenditures include capital outlay • Use Capital Projects fund for major projects

  5. WPCA Funds • Full Accrual = Enterprise Funds • Includes both short and long term assets and liabilities. • Capital Assets • Debt

  6. WPCA Funds • Full Accrual = Enterprise Funds, continued • Fund may be used when fees are charged • Must be used if legally required or debt secured solely by pledge of revenues

  7. WPCA Funds • WPCA Debt • Paid by WPCA • Payment recorded in the fund • Transfer of monies to General Fund • Paid by Town/City

  8. WPCA Funds • Footnote Disclosures • Capital asset activity and depreciation if Enterprise Fund • Receivables if a major fund • Debt long term and short

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