CITY OF MYRTLE BEACH, SOUTH CAROLINA NOTES TO FINANCIAL STATEMENTS June 30, 2010
Fiduciary funds are used to report assets held in a trustee or agency capacity for others and therefore are not available to support City programs. The reporting focus is on net assets and changes in net assets and are reported using accounting principles similar to proprietary funds.
The emphasis in the fund financial statements is on the major funds in either the governmental or business-type activities categories. The City’s nonmajor funds by category are combined into a single column in the fund financial statements.
The City reports the following major governmental funds:
The General Fund is the City’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.
The Convention Center Fund is a special revenue fund that is used to accumulate funds from the meetings activities for the purpose of supporting and funding convention center related activities.
The Hospitality Fee Fund is a special revenue fund that is used to account for a 1.0% fee imposed on accommodations, paid places of amusement and food and beverages served by a food facility for the purpose of tourism related expenditures.
The Local Option Tourism Fee Fund is a special revenue fund that is used to account for an additional 1.0% sales tax imposed on prepared foods and beverages, accommodations and retail sales for the purpose of tourism development.
The Debt Service Fund is used to account for the accumulation of funds for the periodic payment of principal and interest on general long-term debt.
The Capital Improvements Fund is a capital projects fund that is used to account for the acquisition or construction of major capital facilities.
The City’s major proprietary funds were as follows:
The Water and Sewer Fund is an enterprise fund that is used to account for the provision of water and sewer services to the residents of the City and surrounding areas.
The Baseball Stadium Fund is an enterprise fund that is used to account for the operation of a baseball stadium facility.
The Municipal Golf Course Fund is an enterprise fund that is used to account for the operation of a public golf course.
The Solid Waste Management Fund is an enterprise fund that is used to account for the provision of solid waste collection services and the operation of various recycling programs.
The City’s internal service funds are presented in the proprietary fund financial statements. Because the principal users of the internal service funds are the City’s governmental activities, their financial statements are consolidated into the governmental activities column when presented in the government-wide financial statements. The City reports the following internal service funds:
The Fleet Management Fund is used to account for the rental of motor vehicles and certain equipment to other funds and the related costs associated with those rentals.