CITY FUND STRUCTURE 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 city, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the city can be divided into two categories: governmental funds and fiduciary funds.
THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD DEFINES A FUND AS: A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial transactions, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. GOVERNMENTAL FUNDS
GOVERNMENTAL FUNDS
Governmental funds are used to account for the majority of governmental activities. The FY 2018 Budget includes a General Fund, five Capital Project Funds, three special revenue funds and two Debt Service funds.
GENERAL FUND
FIDUCIARY FUNDS
The General Fund is a governmental fund. It is established to account for all resources obtained and used for those services commonly provided by cities which are not accounted for in any other fund.
Special Revenue Fund
Special revenue funds are used to account for specific revenue sources that can be legally spent for designated purposes only. All Special revenue Funds use the modified accrual basis of accounting and budgeting. Non-Major Funds: Confiscated Assets E-911 Hotel-Motel
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CAPITAL PROJECT FUNDS
DEBT SERVICE FUND
FIDUCIARY FUND
Fiduciary funds are used to account for resources held for the benefit of parties outside the government. These funds are not available to support the city’s own programs and the city uses an Agency Fund for the collection and remittance of cash appearance bond related activity for municipal court. General Fund
SPECIAL REVENUE FUND
AGENCY FUND
Capital Projects Fund
The Capital Projects Funds are governmental funds and established to account for capital projects. The projects included in the capital projects budget are intended to improve or expand the city infrastructure, provide for significant maintenance requirements, or provide for the acquisition of large pieces of equipment. These are major funds.
2018 Annual Operating & Capital Budget
Debt Service Fund
Debt Service Funds are used to account for accumulations of resources that will be used to pay debt obligations of the general government. These funds are nonmajor funds. Non-Major Funds: Debt Service Fund Parks Bond Debt Service Fund
Agency Fund
This fund accounts for the collection and disbursement of monies by the city’s municipal court on behalf of other individuals or entities. Funds: Court