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WPCA - Back to Basics

This document delves into the financial statement presentations of WPCA funds, focusing on Special Revenue Funds and Enterprise Funds. It outlines the key differences between modified accrual and full accrual accounting methods. Special Revenue Funds are limited to short-term assets and liabilities, not including debt or capital assets, while Enterprise Funds encompass all assets and liabilities, including debt. The document further details revenue recognition practices, expenditure requirements, and necessary disclosures related to capital assets and debt.

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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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