Other Governmental FundsOther Governmental Funds Capital ProjectsCapital Projects

Accounts for flow of funds for general Accounts for flow of funds for general government capital asset acquisitiongovernment capital asset acquisition

Debt ServiceDebt Service Accounts for flow of funds used to pay long-Accounts for flow of funds used to pay long-

term debt (principal) and interestterm debt (principal) and interest PermanentPermanent

Used to account for funds donated to the Used to account for funds donated to the government by individuals and organizations government by individuals and organizations to be used for the benefit of the government to be used for the benefit of the government and/or individuals (Principal cannot be spent)and/or individuals (Principal cannot be spent)

Capital Projects FundCapital Projects Fund Exists for duration of the projectExists for duration of the project Modified Accrual basis of accountingModified Accrual basis of accounting Flow of current financial resourcesFlow of current financial resources Revenues (Few, maybe grants, miscellaneous)Revenues (Few, maybe grants, miscellaneous) Bond and note proceeds are Other Financing Bond and note proceeds are Other Financing

SourcesSources Also, transfers-in (i.e., general fund) are OFSAlso, transfers-in (i.e., general fund) are OFS Expenditures are for the capital projectExpenditures are for the capital project Budget not used but encumbrances areBudget not used but encumbrances are

*Acquisition of general fixed assets by lease agreements is treated similar to businesses. Expenditures are debited for the present value of future lease payments

and other financing sources credited.

*Subsequent rental payments are recorded as expenditures for principal and interest

*Special Assessments accounting depends on whether or not the government is primarily or secondarily liable for repayment of the debt. If so, reported on G-W financial statements; If not, reported as an Agency (Fiduciary) Fund event.

Debt Service FundDebt Service Fund Used to accumulate funds for repayment Used to accumulate funds for repayment

of general long-term debt and interestof general long-term debt and interest Adjusted modified accrual basis of Adjusted modified accrual basis of

accounting (Interest expenditures as accounting (Interest expenditures as interest comes due, unless within 30 days interest comes due, unless within 30 days and balance in DS Fund to pay)and balance in DS Fund to pay)

Budgets are used but not encumbrancesBudgets are used but not encumbrances Premiums or discounts on issuance of Premiums or discounts on issuance of

bonds are entered as OFS or OFU in debt bonds are entered as OFS or OFU in debt service fund service fund

Debt Service, ContinuedDebt Service, Continued Revenues Revenues

Taxes imposed for repayment of debtTaxes imposed for repayment of debt Grants and restricted donationsGrants and restricted donations

Other Financing Sources Other Financing Sources Transfers-in from other fundsTransfers-in from other funds

Expenditures Expenditures Bond Interest in period due (except, 30 day Bond Interest in period due (except, 30 day

rule)rule) Bond Principal in period dueBond Principal in period due

Permanent FundsPermanent Funds Accounts for funds that are legally restricted Accounts for funds that are legally restricted

(principal cannot be expended)(principal cannot be expended) Earnings are to be used for benefit of Earnings are to be used for benefit of

government and citizens at-largegovernment and citizens at-large Modified Accrual basis of accounting and Modified Accrual basis of accounting and

current flow of financial resources current flow of financial resources measurement focusmeasurement focus

Revenues are contributions, investment Revenues are contributions, investment income, and grantsincome, and grants

Expenditures are disbursements on basis of Expenditures are disbursements on basis of restrictionrestriction

Financial StatementsFinancial Statements Balance SheetBalance Sheet

Disaggregated (Column for each major fund Disaggregated (Column for each major fund and summary of all non-major funds)and summary of all non-major funds)

Current Financial Resources and LiabilitiesCurrent Financial Resources and Liabilities Fund Balances (Reserved and Unreserved)Fund Balances (Reserved and Unreserved)

Statement of Revenues, Expenditures, and Statement of Revenues, Expenditures, and Changes in Fund BalancesChanges in Fund Balances Disaggregated Disaggregated Modified Accrual Basis of AccountingModified Accrual Basis of Accounting Expenditures are current, debt service and Expenditures are current, debt service and

capital outlay capital outlay Bottom line is Ending Fund BalancesBottom line is Ending Fund Balances