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(A) The village hereby adopts the financial formats and disclosures of Statement Number 34 of the Government Accounting Standards Board (GASB- 34) on a modified cash basis without a management discussion and analysis statement.
(B) (1) All governmental funds shall be accounted for on a modified cash basis.
(2) All enterprise funds shall be accounted for on an accrual basis by an accounting firm.
(Res. 05-05, passed 6-7-2005)