1992-1998-FISCAL AUDITS - Laserfiche WebLink

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i 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. Proprietary Fund Types Proprietary funds are used to account for the Town's ongoing organiza- tions and activities which are similar to those often found in the private j sector. The measurement focus is upon determination of net income. The following are the Town's proprietary fund types: Internal Service Funds - To account for goods or services provided by one Town department or agency to other Town departments or agencies. The Town accounts for its self-insured health insurance fund as an internal service fund. i 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: i 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 Lonq-Term Debt Account Group - This account group is used to obligations of the Town except for debt issued account for all long-term p g g through proprietary funds. i C. Basis of Accounting The basis of accounting used for each fund is as follows: 8