Government Funds Flashcards
What type of revenues does the general fund have?
property, franchise, public service taxes
public safety
inter-government
charges for services
What type of expenditures does the general fund have?
general government
public safety
culture
What is the general fund considered?
A Major Fund
What is the overall purpose of general fund?
used for ordinary operations
What is the overall purpose of special revenue fund?
revenue used to finance particular activities
What type of revenues does the special revenue fund have?
sales tax
gasoline tax
monitored grant funds
What type of expenditures does the special revenue fund have?
current operating and capital overlays
What is the overall purpose of special revenue fund?
revenue used to finance particular activities
What is an expendable trust activity?
scholarship or endowment funds where principal and interest may be used up fully
What is the overall purpose of debt service fund?
used to pay principal/interest on general obligation debt only to GRaSPP funds not SE PAPI
How do you record encumbrance in debt service fund?
NON ALLOWED IN FUND
JE for recording investment income in the debt service fund?
DB: Cash
CR: Revenue
JE to record principal and interest payments within the debt service fund?
When is this JE recorded?
DB: Expenditures
CR: Cash
When the payment is legally due
What is the overall purpose of debt service fund?
used to pay principal/interest on general obligation debt only to GRaSPP funds not SE PAPI
JE to record principal and interest payments within the debt service fund?
When is this JE recorded?
DB: Expenditures
CR: Cash
When the payment is legally due
What is the overall purpose of capital projects fund?
used for acquisition/construction of capital assets (short term 1-3 years)
ONLY used for assets of GRaSPP funds not SE PAPI
What type of revenues does the capital projects fund have?
bond proceeds
transfers from other funds
capital grants
special assessments
What are special assessments?
How are they recorded?
taxes/fees against property owners who will benefit from project
When government is liable then capital projects
If government is not liable than agency fund
JE for recording the bond proceeds in capital projects fund?
JE for transfer of bond issue premium?
DB: Cash
CR: Other financing sources - bond issue proceeds
CR: Other financing sources - premium on bonds
DB: Inter-fund transfer debt service
CR: Cash
What type of expenditures does the capital projects fund have?
Capital outlay
JE to record encumbrance for signed contracts?
JE to record for approved payment?
DB: Encumbrances
CR: Budgetary control
DB: Budgetary control
CR: Encumbrances
At what amounts do you report the following items in the government wide financials:
Purchased items construction capital lease donated item forfeiture item
Cost to buy cost to construct PV lease payments FMV LCM
If encumbrances are outstanding at year end, what do you do with them?
carried forward as a component of fund balance and restricted
What is the overall purpose of capital projects fund?
used for acquisition/construction of capital assets (short term 1-3 years)
ONLY used for assets of GRaSPP funds not SE PAPI
What is the overall purpose of capital projects fund?
Income NOT principle is used to support government programs
Which funds do not have encumbrances?
General and permanent
Which fund will have a fund balance non-spendable inventory of supplies?
General Fund
How should encumbrances outstanding at year-end be reported?
A component of committed or assigned fund balance
