Chapter 8 Section 4: Governmental Funds Flashcards
What are the sources of revenue for the general fund?
Taxes, public safety and regulation, intergovernmental, charges for services, and other revenues
What are the expenditure types for the general fund?
General gov’t, public safety, and culture and recreation
Outline the balance sheet for the general fund
Assets
Liabilities
Fund balances (NU CAR)
Outline the statement of revenues, expenditures, and changes in fund balance for the general fund
Revenues Expenditures Other Financing Sources (uses) Special Items Net Change in Fund Balance Fund Balance - Beginning Fund Balance - Ending
What is the rule of thumb for grant classification?
If it’s monitored, special revenue
If it’s not monitored, agency trust
Outline the statement of revenues, expenditures, and changes in fund balance for a special revenue fund
Revenues Expenditures Other Financing Sources (uses) Net change in fund balance Fund balance - beginning Fund balance - ending
What debt does the debt service fund pay off?
Only debt of the GRaSPP funds, not SE-PAPI
Are encumbrances used for the debt service fund? Why?
No. The only payments out are principal and interest. They are both expenditures.
How are premiums and discounts treated in the debt service fund?
They are treated as a component of bond proceeds at the time of purchase. There is no amortization.
Outline the balance sheet for the debt service fund
Assets Deferred Outflows Liabilities Deferred Inflows Fund Balance (NU CAR)
Outline the statement of revenues, expenditures, and changes in fund balance for the debt service fund
Revenues Expenditures Other Financing Sources (uses) Net change in fund balance Fund balance - beginning Fund balance - ending
What is the average life of projects in the capital projects fund?
Short: 1-3 years
What are the revenues sources for the capital projects fund?
Investment earnings Tax revenue Capital grants General fund transfers Special Assessments (like taxes for people who will directly benefit from the project) Bond issue proceeds
What do you do with the bond liability?
Do not report it on the capital projects fund. Only on gov’t-wide financial statements.
Outline the balance sheet for the capital projects fund
Assets
Liabilities
Fund balances (NU CAR)
