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CABARRUS COUNTY TOURISM AUTHORITY d/b/a CABARRUS COUNTY CONVENTIONAND VISITORS BUREAU NOTES TO FINANCIAL STATEMENTS For the Year Ended.Tune 30, 2016 NOTE, 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd) C. Measurement Focus and Basis of Accounting Government-Wide Financial Statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Governmental Fund Financial Statements. Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. Expenditures are recorded when the related fund liability is incurred. The Bureau recognizes assets of nonexchange transactions in the period when the underlying transaction occurs, when an enforceable legal claim has arisen, or when all eligibility requirements are met. Revenues are recognized on the modified accrual basis of accounting when they are measurable and available. Nonexchange transactions occur when a government provides (or receives) value to (or from) another party without receiving (or giving) equal or nearly equal value in return. The Bureau considers all revenues available if they are collected within 60 days after year end. The Bureau has implemented Governmental Accounting Standards Board GASB Statement Number 34, Basic Financial Statements — and Management's Discussion and Analysis —for State and Local Governments, and related standards. These new standards provide for significant changes in terminology and presentation and for the inclusion of Management's Discussion and Analysis as required supplementary information. D. Budgetary Data BB udjzet Budgets are adopted as required by North Carolina General Statutes. An annual budget ordinance is adopted for the General Fund. All annual appropriations lapse at fiscal year end. The budget is prepared using the modified accrual basis of accounting. Expenditures may not legally exceed appropriations at the departmental level for all annually budgeted fiords. Any revisions that alter total expenditures of any fund must be approved by the governing board. During the year, several amendments to the original budget were necessary. The budget ordinance must be adopted by July 1 of the fiscal year or the governing board must adopt an interim budget that covers that time until the annual ordinance can be adopted. E. Assets,Liabilities and Fund Equity 1. Deposits and Investments All deposits of the Bureau are made in Board-designated official depositories and are secured as required by G.S. 159-31. The Bureau may designate as an official depository any bank or savings association whose principal office is located in North -Continued- 18 Attachment number 1 \n 1-5 Page 161