CITY OF REVERE, MASSACHUSETTS

Notes to General Purpose Financial Statements

June 30, 1994

(1) Definition of Reporting Entity

 

The general purpose financial statements present information on the City of Revere, Massachusetts (the "primary government") and its component units as required by generally accepted accounting principles. Component units are included in the City's reporting entity because of the significance of their operational or financial relationships with the City. The inclusion of component units in the City's general purpose financial statements does not affect their legal standing.

 

Component units include the City's Retirement System ("System") and the Revere Business Development Corporation (RBDC).

 

The financial statements of the Revere Retirement System are presented for the year ended December 31, 1993, which is its fiscal period for reporting to the Retirement Law Commission of the Commonwealth of Massachusetts.

 

The City has entered into several joint ventures with other municipalities to pool resources and share the costs, risks, and rewards of providing goods or services to venture participants directly, or for the benefit of the general public or specified service recipients. The following is a list of the City's joint ventures, their purpose and the address where the joint venture financial statements are available: