6/30/1999 - Laserfiche WebLink

Home Browse Search

' Special Revenue Funds - To account for the proceeds of specific revenue sources (other than expendable trusts or for major capital projects) that ' are legally restricted to expenditures for special purposes. Capital Project Funds -Transactions related to resources obtained and used for the acquisition, construction, or improvement of major capital facilities are accounted for in capital project funds. Such resources are derived principally from proceeds of general obligation bond issues and from Federal and State grants. Fiduciary Fund Types Fiduciary funds are used to account for assets held by the Town in a ' trustee capacity. The Town maintains the following fiduciary fund types: Expendable Trust Funds -These funds are accounted for in essentially ' the same manner as governmental funds. Nonexpendable Trust Funds - These funds are used to account for assets held by the Town in a trustee capacity. The principal balance cannot be spent; however, investment earnings may be spent for intended purposes. Agency Funds - These funds are custodial in nature (assets equal liabili- ties) and do not involve measurement of results of operations. Account Groups Account groups are used to establish accounting control and accountabil- ity for the Town's general long-term obligations. The following account group is maintained by the Town. ' General Long-Term Debt Account Group - This account group is used to account for all long-term obligations of the Town. ' C. Basis of Accounting ' The basis of accounting used for each fund is as follows: Modified Accrual Basis (Governmental Expendable Trust and Agency Funds The accounting and financial reporting treatment applied to a fund is ' determined by its measurement focus. All governmental and expend- able trust funds are accounted for using a current financial resources