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The next statements (Exhibits 3, 4 and 5) are Fund Financial Statements. These statements provide more detail than the government -wide statements. The next section of the basic financial statements is the notes. The notes to the financial statements explain in detail some of the data contained in those statements. Government -wide Financial Statements The government -wide financial statements are designed to provide the reader with a broad overview of the Bureau's finances, similar in format to a financial statement of a private -sector business. The government -wide statements provide short and long-term information about the Bureau's financial status as a whole. The two government -wide statements report the Bureau's Net Position and how they have changed. Net Position is the difference between the Bureau's total assets and total liabilities. Measuring Net Position is one way to gauge the Bureau's financial condition. The government -wide statements are comprised of a single category - governmental activities. The government - wide financial statements are on Exhibits 1 and 2 of this report. Fund Financial Statements The fund financial statements provide a more detailed look at the Bureau's most significant activities. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Bureau, like all governmental entities in North Carolina, uses fund accounting to ensure and reflect compliance (or non-compliance) with finance -related legal requirements, such as the General Statutes or the Bureau's budget ordinance. All of the funds of the Bureau belong in one category, governmental funds. Governmental Funds -Governmental funds are used to account for those functions reported as governmental activities in the government -wide financial statements. The Bureau's activities are accounted for in governmental funds. These funds focus on how assets can readily be converted into cash flow in and out, and what monies are left at year-end that will be available for spending in the next year. Governmental funds are reported using the current financial resources focus and the modified acernal basis of accounting. As a result, the governmental fund financial statements give the reader a detailed short-term view that helps to determine if there are more or less financial resources available to finance the Bureau's programs. Page 7 Abachmenl number 1 In 1-2 Page 192