The following Summary Financial Statements present the major operating funds on the City on a budget basis which approximates a modified accrual basis of accounting. However, during the fiscal year only significant accruals, i.e. payroll expense and sales tax revenues, are booked. These statements are prepared as a tool for management to identify any trends that need to be addressed. These statements are not normally prepared during the months of September to December due to the timing of the annual year-end procedures and audit. These statements are unaudited.