Financial transactions incurred in supporting governmental activities are accounted for and reported in governmental funds. Typically track basic and major activities of government. Include the general fund.
The subject of the financial reporting for a fund. In concerns what information is expressed in the reporting.
Income Determination (economic resource management) focus
The measurement focus of a fund that stresses net assets or incomes.
Current Financial Resource Management Focus
The measurement focus of a fund that stresses the availability of financial resources to support its financial obligations.
Accounts for most basic services provided by a government and most of its daily operations. Ex: public safety, transportation
Special Revenue Funds
Account for resources that are legally restricted for specific identifiable purposes. Ex Tax on gas for highway construction
Capital Project Funds
Accounts for receipts and disbursements of resources used for financing the construction or purchase of major capital assets.
Debt Service Funds
Accounts for the accumulated resources to pay off principal and interest on debt. Often in the form of transfers from the general fund or other funds.
Balance Sheet for a Fund
Current assets, current liabilities, and fund balances
Statement of revenues, expenditures, and changes in fund balances
Revenues, expenditures, and changes in the fund balances
Financial transactions incurred in providing business-type goods and services.
Type of proprietary fund. Resources are provided primarily through the use of service charges to those receiving benefits.
Internal Service Fund
Used to account for services provided within a government by one branch to another on a cost reimbursement basis.
Resources that the government possesses in a trustee or agency capacity on behalf of individuals, other governments, or private organizations.
Pension Trust Funds
Type of fiduciary fund. Account for resources held in trust for employee covered under the governments retirement plan
Type of fiduciary fund. Account for assets held temporarily by a governmental unit as the agent for individuals, organizations, or other funds, or other governmental units.
Investment trust funds
Type of fiduciary fund. Account for the assets invested on behalf of other governmental units.
Private-purpose trust funds
Type of fiduciary fund. Account for all other trust arrangements under which the principal and income are held for the benefit of individuals, other governments, and private agencies.
The property tax rate. A millage of 1.00 (or 1.00 mill) is equal to $1 per $1000 taxable value.