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Proprietary funds account for Village's ongoing activities which are similar to those often found in the private sectors where
the determination of net income is necessary or useful to sound financial administration, or where service from such activities
can be provided either to outside parties or to other departments with Village.
The enterprise funds are proprietary funds of the Village, specifically the Water and Sewer Funds. The accrual basis
of accounting is utilized by these funds. Under this method revenue is recognized when earned and expenses are recognized
at the time the liabilities are incurred.
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