5 Types of Governmental Funds

Question 1

General Fund

Answer 1

1) Routine Operations
2) Revenues consist of: Taxes Licences, fines, interest
3) Recorded when Measurable/avail: Prop. taxes, R/E taxes, income taxes, sales taxes
4) Recorded on Cash Basis: Parking fees, licence fees, fines

Question 2

Special Revenue Fund (SRF)

Answer 2

1) Restricted to specific purpose
2) Highways, public parks, public schools
3) Revenue from special tax levies and grants

Question 3

Capital Projects Fund (CPF)

Answer 3

1) Aqcuisition or construction of major facility
2) Libraries, civic centers, fire stations, court houses
3) Revenues from grants, bond issues, or transfers

Question 4

Permanent Fund

Answer 4

1) Principal must be preserved (retained permanently)
2) Income can be used for specific programs
3) Endowment funds

Question 5

Debt Service Fund

Answer 5

1) Payment of long-term debt principal and interest

2) Revenues from tax levies and transfers